The currencies and dollar vs rupee row are certainly intensifying. Banks are getting very cautious when it comes to credit costs. FDI has led up to $25 billion Forex mop up. A strong reserve is a buffer against market vitality. Rating Agencies, however, have praised India’s strong external accounts. The Forex reserves are enough to cover ~ 13 months of import cover.
The INR at 3 months was high last week. Gains in equities weak dollars and aids rupee. India FX reserves are over $500 Billion which is the fifth-largest in the world.
‘Certain discomfort in allowing the rupee to accelerate beyond a point’ says Saugata Bhattacharya, Chief Economist of Axis Bank.
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