Players say that hedging also minimised net gains and importers of Indian goods try to bargain as a weaker rupee narrows profit margins.
"While it is perceived that depreciation of Rupee will lead to net gains, reality is that gains are limited as banks force exporters to hedge against risks of currency volatility.
Players said that fluctuation in currency is not good for small companies dependent heavily on imported raw materials.
The Indian Rupee has depreciated from about 63.50 per dollar in January to 68 per dollar on May 15.
However, players with lower exports but reliant on imported raw materials, such as those in the foundry sector, may be net losers.