India FX Reserves cross $500 billion | Saugata Bhattacharya to ET NOW
35The 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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