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Sovereign Wealth Funds Briefing - Categorized | Reserve Currencies

The story of India’s falling forex reserves

Posted on 13 June 2012

Echoing former Reserve Bank of India (RBI) governor C. Rangarajan, Ashima Goyal, a member of the central bank’s technical advisory committee, has called upon RBI to use foreign currency reserves to support the rupee.
However, as data for 1 June shows, India’s foreign exchange reserves fell for a sixth straight week. While the total figure of $285 billion looks comfortable enough, note that the cover they provide is dwindling. In 2007, the forex kitty amounted to three times the external financing requirements (short-term debt plus current account deficit), according to Citigroup estimates. That has fallen to 1.7 times for 2012………………………………………..Full Article: Source


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