Rupee devaluation hits local factories in Gujarat

The machine tools manufacturers based in Rajkot of Gujarat are facing crisis due to rupee devaluation. The Secretary of Machine Tools Manufacturers Association (MTMA), Dinesh Khambhayta briefed mediapersons about the impact of rupee devaluation on the factory. Recently, the Indian rupee saw a historic slide against the US dollar with local economists attributing the devaluation to the country's increasing trade deficits and inflation. The rupee has devaluated 13% since February this year and 24% since last August.