Indian chemical industry cheers decreasing dollar rate

Indian chemical industry cheers on decreasing dollar rate

6:09 AM, 1st February 2012
Indian chemical industry cheers on decreasing dollar rate

SINGAPORE: The Indian chemical industry is once again witnessing momentum in the marketplace. With the decreasing dollar value, the signs of growth are back with a bang and the confidence of a recovery is at an all time high. Since last one and a half month, the dollar value was seeing a rising trend, sending shivers down the Indian chemical industry. But with the changing dollar trend, the chemical fraternity is breathing a sigh of relief.

With the dollar value showing a downward trend, the products imported in India with US currency have lost their expensive factor. This has made imported products attractive for Indian traders and manufacturers, who are among the major importers using US (dollar) currency. With the dollar value decreasing from Rs 53 ($1) to Rs 49.50 ($1), the chemical industry is calling for an increased order booking, suggesting growth in business transactions. The change in the value has also led to clearing of pending orders, which is a positive sign for the industry. With positive sentiments returning for the chemical industry, the traders and manufacturers have a reason to cheer and look forward to growth in the coming few months.

(C) WOC News

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