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Indian exporters seek lower foreign currency loan rate

The Federation of Indian Export Organisations, India’s main body for exporters, has demanded that the interest rate banks charge on foreign currency loans to exporters be reduced to pre-liquidity crisis level. The Reserve Bank of India on 19 February had lowered the foreign currency export credit rate to 200 basis points above the international short-term interest rate benchmark known as the  London Interbank Offered Rate (LIBOR), from the LIBOR ceiling rate plus 350 basis points.