ET:Rupee depreciation unlikely to hit trade with India: Malaysia
KOLKATA: Rupee depreciation against the US dollar is unlikely to hit bilateral trade between India and Malaysia, a senior Malaysian trade official said today.
"Though it is not very clear about the rupee depreciation impact on Indian imports from Malaysia, I do not foresee any major effect," Malaysian High Commission Minister Counsellor (Economic Affairs) Muthafa Yusof said here on the sidelines of a CII-organised interactive session.
"There had been some depreciation in our currency also and so some balancing effect with the Indian rupee," he added.
The rupee has depreciated by nearly 16 per cent against the US dollar in 2011 so far.
In the January-September, 2011, period, bilateral trade between India and Malaysia stood at USD 9.3 billion.
Malaysia expects bilateral trade with India to touch USD 11 billion in 2011.
In 2010, India-Malaysia trade amounted to USD 8.9 billion, out of which palm oil -- a major item imported by India -- accounted for USD 1.2 billion.
