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India faces severe problem in foreign exchange reserves as outsourcing dries up and heavy stock selling by foreign funds accelerates
Subhas Manse
Oct. 11, 2008
Indian foreign exchange reserves although healthy for the time being, it is in deep trouble when the future is considered.
India's foreign exchange reserves have dropped $7.87 billion during the week ended Oct 3, on account of market interventions by the central bank to stabilize the rupee and heavy selling by foreign funds.
India faces severe problem in foreign exchange reserves as outsourcing dries up and heavy stock selling by foreign funds accelerates
The reserves, which include foreign currency assets, and gold, stood at $283.94 billion as on that date, as per the latest data with the Reserve Bank of India (RBI).
The fresh data comes against the backdrop of leading industry chambers asking the government to set up a $7-$8 billion fund with reserve money available as foreign exchange to invest in Indian securities and debt markets.
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