KARACHI - Devaluation in the value of rupee against the US dollar has ballooned the wallets of the exporters during the first seven months of the ongoing fiscal year. Details gathered by The Nation showed that in 2007-08 the average dollar-rupee exchange rate stood at 61 rupees during July-January period. But the average exchange rate inflated to 77 from July-January 2008-09, giving a huge benefit of 220.31 billion rupees to the local exporters. Keeping in view the average dollar-rupee parity during this period, the exporters have got 2.861 billion dollars worth extra money only because of the devaluation of rupee in this fiscal. For example, in seven months of the current fiscal the exports showed only 7.58 per cent growth in dollars while in Pakistani currency the exports surged by 35.70 per cent, courtesy the devaluation of rupee. Textile and rice exporters appears the major beneficiary of the 26.22 per cent depreciation of rupee against the US dollar from July-January period of FY09. Despite 3.80pc decline in the textile exports in this fiscal, the textile exporters have received 80 billion rupees more over the corresponding period of last fiscal. In US dollars the textile exports amounted to 5.827 billion dollars from July-January FY09 as against 6.056 billion dollars exports in the same period of last fiscal. In rupees the exports of textile mounted to 448.74 billion rupees in this fiscal, against 369.14 billion rupees exports in last fiscal during the period under review. The second major godsend of devaluation went to the exporters of rice who have received more than 56 billion rupees in seven months of this fiscal. Rice exports fetched 96.42 billion rupees in this fiscal as against 40.22 billion rupees exports of rice during the corresponding period of last fiscal. In foreign exchange the exporters of rice earned 1.256 billion dollars in this fiscal, compared to their earning of 658 million dollars. In dollars the rice exports surged by 90pc while 140pc growth seen recorded in rupees. The other important beneficiaries of the devaluation are the exporters of leather, leather garments, fish, sports goods, surgical equipment, carpets, transport equipment, machinery and gems and jewellery. Contrary to the exchange rate profit margins made by the exporters during the particular course of year, it is being anticipated that the pace in export revenues is expected to decelerate during the rest of current financial year. This decline may evident with weak prospects of financial inflows coupled with deepening global economic slowdown and financial turmoil being witnessed by country's major trading economic partners that could impact Pakistan's export growth in FY09. A number of external and domestic factors could drag the growth of exports from lower demand from the trading countries, energy shortages, rising input cost and the record surge in the power and energy tariffs that could also hit the exporters' earnings. Meanwhile, the exporters have rejected the impression that they were the major beneficiaries of the weak exchange rate. They said with the record depreciation in the value of the rupee against the US dollar witnessed over the past year, neither had reduced the cost of doing business nor provided access liquidity profit to the exporters. Because the cost of doing business was intact for the number of above-mentioned reasons, they added.