AEPC says exporters lost heavily due to derivative option by banks

New Delhi, Dec 23 -- The Apparel Export Promotion Council (AEPC) said today that many garment exporters suffered heavy losses in recent weeks due to using the derivative mode in foreign exchange market.

"The industry has faced financial losses on account of derivative option offered by various authorised dealers, a scheme duly approved by the Reserve Bank of India (RBI)," said AEPC's chairman Rakesh Vaid.