Bonanza for Indian euro loan borrowers as currency slides against dollar

Companies will have to buy fewer dollars to repay euro debt

Indian companies that have raised euro-denominated debt will have to repay less at maturity and while servicing interest, as the European currency has weakened against the dollar and is now at a par with the greenback for the first time in 20 years.

Foreign exchange experts said Indian firms will have to buy fewer dollars while repaying the Euro loans and will save on interest cost as well. The European currency has weakened by 12 per cent to the greenback since this January, while the rupee has shed 7 per cent. On Thursday, the dollar and the euro were trading