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India on Friday said it has 'adequate' foreign exchange reserves - at present $280 billion - to defend its currency amid global volatility and ruled out taking any external assistance unless there is a 'radical' change in the situation. Planning Commission Deputy Chairperson Montek Singh Ahluwalia also said the rupee's fall this year has clearly overshot limits.
ST Petersburg (PTI): India on Friday said it has 'adequate' foreign exchange reserves - at present $280 billion - to defend its currency amid global volatility and ruled out taking any external assistance unless there is a 'radical' change in the situation. Planning Commission Deputy Chairperson Montek Singh Ahluwalia also said the rupee's fall this year has clearly overshot limits.
"With 280 billion dollars in reserves, I don't think we will be drawing on currency swap arrangements unless there is a radical change in the situation," said Ahluwalia, who is the 'sherpa' to Prime Minister Manmohan Singh at the ongoing summit of the Group of 20 industrialised and emerging economies.
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