| The Reserve Bank said it has adequate foreign exchange reserves to deal with the declining value of rupee and the widening current account deficit (CAD). "I believe our forex reserves are adequate to manage current situation," RBI Governor D Subbarao said in a response to whether RBI has enough firepower to defend the rupee, which plunged to an all-time low of 65.56.
The country's foreign exchange reserves were up at USD 278.602 billion as of August 9 compared with USD 277.17 billion a week earlier...............................................Full Article: Source |