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The rupee sank last week to an all-time low of 60.35 against the USD, impacting on job growth and employment opportunities across India, according to an article on zeenews.india.com.
Aditya Narayan Mishra, Randstad India’s President - Staffing, said, “A falling rupee makes imports costlier, pushes up the cost of imported raw materials, and increases the external borrowing and repayment costs.”
The industries most expected to suffer are those heavily reliant on imported goods. Managing director of executive search firm Global Hunt, Sunil Goel said, “[The] impact of rupee depreciation on hiring will be more in sectors like manufacturing, power, oil and gas, automotive sectors, electronics, and telecommunications.”
Human resources functions are also like to see an impact from the weak rupee, as well as foreign workers. “Organisation may start evaluating the viability of having a large expatriate pool here, since their compensation costs will certainly increase,” said Simran Oberoi, advisor for the Society for Human Resource Management.