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The fall in value of rupee against the dollar has not brought cheers to the marine food exporters as it ideally should have.
"The global demand is quite dull. There is not anything to cheer about on weak global demands. The importers are slashing the rates in commensuration with the slide in the value of rupee against the dollar," said Prava Patnaik, managing director, Falcon Marine Exports Ltd, a leading exporter.
"We are keeping a watch on the developments," he added.
The rupee ended 81 paise lower at 66.64 on Monday as compared to its Friday's close of 65.83/dollar. The rupee has come under huge selling pressure since August 11, when China devalued its currency Yuan. Rupee has lost nearly 4 per cent in the last two weeks.
"As of now, we don't see any impact, it is a fresh development in the last one week. If the currencies of markets like Europe and Japan become weak against the US dollar then there may be a reaction. So, we are keeping a close watch," said Elias Sait, secretary general, Sea Food Exporters Association of India.
However, the exporters are hopeful of better shipments with the rupee depreciating to a low level since September 2013.
"The price of shrimps has fallen by thirty per cent compared to August last year. We are unable to pay good prices to the farmers. The tumbling Indian currency will help exporters in minimizing the losses," said G Mohanty, former president, SEAI-Odisha region. The market was subdued last year. There will be better realization with the rupee depreciating, he added.
During 2014-15, exports of marine products had reached an all-time high of $5511.12 million. Exports aggregated to 10,51,243 tonne valued at Rs 33,441.61 crores ($5511.12 million). Compared to the previous year, seafood exports recorded a growth of 6.86 per cent in quantity, 10.69 per cent in rupee and 10.05 per cent in dollar earnings.
