Reserve Bank Of India Defends Rupee, Calling Reserves 'More Than Adequate'
REGULATORS
Having hit an 18-month low against the US dollar on September 8, the Reserve Bank of India (RBI) says its reserves are "more than adequate" to withstand both cyclical and unanticipated shocks in the currency market. The comments came out with the central bank's annual report, released last week, and indicate that the RBI has no intention of letting its domestic currency follow the path of the Thai baht or Mexican peso, say sources in India.
Forex reserves, including special drawing rights (SDR)
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