MUMBAI (Reuters) - India is considering currency swaps with other countries, TV channels Bloomberg TV and CNBC-TV 18 reported on Tuesday, citing senior government officials.
Bloomberg TV said India would set up a task force to look into setting up currency swaps, citing Commerce Minister Anand Sharma. CNBC-TV 18 reported India was considering the swaps with trading partners, citing Trade Secretary S. R. Rao.
The rupee fell to a record low of 66.075 to the dollar earlier on Tuesday, while shares slumped after parliament’s approval of a $20 billion plan to provide cheap grain to the poor renewed doubts about the government’s resolve to control spending ahead of elections due next year.
Reporting by Rafael Nam; Editing by Sunil Nair