Weak rupee dampens spirits of fine dinning in India Hyderabad: Five star hotels and fine dining restaurants have registered a significant decline in foot falls to extent of 20 per cent in the last three months due to falling rupee value, reveals the associated chamber of commerce and industry of India (ASSOCHAM) recent findings. Releasing the ASSOCHAM paper on a weak rupee dampens sprits of fine dining restaurants†Mr. D. S. Rawat, Secretary General ASSOCHAM said due to fall in rupee, the five star hotels and fine dining restaurants arerevising their menu card rates as the weak rupee pushes up prices of imported food ingredients and spirits. With a negative market sentiments of an economic slowdown and weak rupee, the fine dine market segment may lose its sheen. The paper further highlights, fine dine market registered a decline of over 20% thanlast year in the major metropolitan cities like Delhi-NCR, Mumbai, Chennai, Hyderabad, Ahemdabad etc. The paper further points out that dueto rupee depreciating against major foreign currencies, prices of importedproducts have shot up by as much as 30-35 per cent. It further reveals thatsome restaurants import 85 per cent of its ingredients from Japan, French-Italian, Thailand restaurant for its signature dishes.
Posted on: Thu, 08 Aug 2013 02:03:11 +0000
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