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India Takes New Steps to Boost Sagging Rupee
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India's foreign exchange reserves of $295 billion cover about 7 months of imports. This is not enough in currency reserves for India's central bank to take actions to prevent a depreciation of the Indian currency, the rupee. The central bank, RBI, has taken other actions including giving local exporters 15 days to convert half their estimated $7 billion foreign exchange holdings into rupees. Analysts say the RBI is running out of policy options and is down to micromanaging the currency. India's trade deficit was at $13.4 billion in March 2012 with rising cost of importing oil and lower exports. The rupee is close to 54 rupees to the dollar.
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