FX VOICE: The stability of the Indian rupee
Nov 11, 2013
FX VOICE: How India can save the rupee
The Reserve Bank of India (RBI) has said its new key policy is rupee's stability. What is driving the rupee's weakness and what can India do curb it? CT asks the experts.
Dariusz Kowalczyk, economist for Asia ex-Japan, Crédit Agricole CIB:
The rupee has lost 27% of its value over the past two years. The depreciation has been driven by India’s weak fundamentals: slowing growth, high inflation, large current account and fiscal deficits, low FX reserves, lack of necessary reforms, and political risks ahead of the 2014 elections.
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