Weak rupee hits IPL Indian players' wages for six
Indian sportspersons taking part in the Indian Premier League, Indian Badminton League and Hockey India League have been hit hard by the falling rupee. IPL's Indian players will be paid at the rate of just Rs 46 for a dollar. Firoz Mirza reports.cricket Updated: Aug 24, 2013 02:36 IST
Indian sportspersons taking part in the Indian Premier League, Indian Badminton League and Hockey India League have been hit hard by the falling rupee.
While the currency closed at 63.2 against the dollar on Friday, IPL's Indian players will be paid at the rate of just Rs 46 for a dollar - the exchange rate set as per the value of the rupee at the time their contracts were drawn earlier in the year.
Similarly, Indian players taking part in the badminton tournament will be paid at the rate of Rs 54.4 for a dollar while the hockey players will get Rs 54 for a dollar.
The rate fluctuation is estimated to have caused IBL's Indian players losses to the tune of Rs 46 lakh, while IPL players are staring at differences of crores of rupees.
Moreover, franchise owners have to pay foreign players as per the day's rate - which means they shell out more if the currency keeps falling. For instance, the deadline for the payment of the final installment to IPL players is November 1. Further weakening of the rupee until then would mean additional losses to franchise owners.
An HIL official said the rupee fall had resulted in an additional financial burden, which they hadn't considered earlier. "If the fall continues, it will cost us more as a mini-auction is scheduled for October," said the official.