Wednesday, September 12, 2018

Rupee fall may cost Maharashtra Rs 180 mn more for US chopper purchase

Mumbai: The fall of rupee against the US dollar in the last four months has led to cost escalation of Rs 180 mn for Maharashtra Government in the deal to buy a helicopter, a Government Resolution (GR) issued Tuesday said.
The GR said Maharashtra Government has revised its estimate for procuring US-based Sikorsky company's helicopter for VIP travel "in view of the increasing rate of dollar as compared to rupee".
In May, the amount was estimated at Rs 1.27 billion, considering the rupee rate at Rs 70 per dollar, the GR said. "Due to increased rate of dollar as compared to rupee, the price has now been revised to Rs 1.45 billion considering the rupee rate at Rs 80 per dollar," it added.
This marks an upward price revision of Rs 181 million.
The Indian rupee Monday crashed below the 72-mark to end at a life-low of 72.45 against the US dollar.
11/09/18 PTI/Business Standard