With a sharp fall in rupee, exporters stand to gain but those who had hedged the currency fluctuations are feeling left out of the windfall resulting from a decline in the value of Indian currency.

Rupee fell to 45.03 in the Interbank Foreign Exchange Market against the dollar in morning trade today on worries of capital outflows which may increase because of equity sales by foreign investors.

The Indian currency breached the crucial 45-level against the US currency for the first time after November 2006.

Exports, which increased by 31.2 per cent in July 2008 to $16.34 billion, are likely to keep the momentum despite concerns of global slowdown as exporters find their margins grow providing them a competitive edge.

"The currency depreciation is good for exporters as it adds to their profitability. It is particularly good for those who had not hedged their risks," director general of Federation of Indian Export Organisations Ajay Sahai said.

After appreciating by about 13 per cent in 2007-08, the rupee started depreciating since beginning of the current fiscal and has declined by about 12.6 per cent.

While the exporters made a hue and cry last year on appreciating rupee forcing the government to give them Rs 8,000 crore (Rs 80 billion) sops, the rising margins because of currency decline have not been able to keep them in good humour either.

According to FIEO estimates, over 50 per cent of the exporters had hedged dollars to Rs 41-42 when the rupee was on a northward move last year. Getting caught off-guard by the sudden change in currency direction, several exporters are crying foul and blaming bankers.