After being stable for few days, the value of dollar has reached at a level of 61 against Indian Rupee.
Due to weak Indian Rupee, trade volumes for scrap metal has witnessed a downfall as major exporting countries are keeping themselves apart from the India market.
While Speaking to a sourcing agent as well as an exporter based in New Zealand holds the following view:
“We are not keen in India market at this juncture as Indian Rupee is getting weaker against US Dollar. Scrap offers at this time are stable. I expect the market will remain in the same position unless the Rupee gets stronger against dollar.”
On the other side, an exporter based in UK said that if the Rupee gets stabilize we will be interested in the India market.
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