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2003-3-4 8:54:00
The Greenbacks, s the US dollar are known, seems to heading for less glorious days because of its steady decline vis-à-vis euro, which has been climbing up as a favourite currency with Indian exporters, who are now seeking to bill for their exports in euros instead of dollars.
From June 30, 2002 to February 21, 2003, the exchange rate of dollar vis-à-vis Indian rupee has gone down from Rs. 48.88 to Rs. 47.70 against the upwards movement of exchange rate of euro fromRs. 48.44 to Rs.51.68.
European importers are even asking for discounts to allow Indian exporters to bill them in euros, which are being conceded.
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