Rupee strengthens at sub-60 level: EEPC

New Delhi: Engineering exporters body, EEPC stated that the rupee strengthening to sub-60 levels will dent competitiveness of Indian products in a tough global market. "Strengthening of the rupee below the crucial 60-mark to a dollar is certainly not good news for the exporters. 

It also asked the Reserve Bank of India to ensure that the domestic currency does not appreciate too much. "This is the right time for the RBI to buy dollars and   build forex reserves," it said.  Engineering, which contributes the highest to the country's total outbound shipments, exports recorded a growth of 21.25 per cent in April. It was USD 5.72 billion during the first month of the current fiscal.  

The rupee rose by eight paise to its 10-month high of   59.96 against the dollar in early trade at the Interbank Foreign Exchange market.