India should use forex reserves to curb rupee turbulence: Basu
REUTERS - India should use foreign exchange reserves to help stabilise the rupee, World Bank chief economist Kaushik Basu said in a lecture in New Delhi on Monday, after the currency hit a record low of 62.46 against the dollar on the same morning.
The rupee fell despite a series of measures unveiled last week to try to stall its decline. The rupee has been the worst performer in Asia since late May, when the U.S. Federal Reserve first signaled that it may begin tapering its monetary stimulus this year, sparking an exodus of cheap money from emerging markets worldwide.
Basu is a former chief adviser to India's finance ministry.
(Reporting by Rajesh Kumar Singh; Writing by Shyamantha Asokan; editing by Matthias Williams)
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India's battle with inflation and weak economic growth became more challenging on Thursday with a sharp spike in the cost of food driving the highest retail price rises on record and a worse-than-anticipated contraction in industrial production. Full Article