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This is an archive article published on March 20, 2004

Forex kitty not plenty yet: RBI

Reserve Bank of India deputy governor K. J. Udeshi on Friday said the country’s foreign exchange reserves — at over $109 billion &...

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Reserve Bank of India deputy governor K. J. Udeshi on Friday said the country’s foreign exchange reserves — at over $109 billion — cannot be termed as being “plenty as yet” and added that India is not yet ready for full capital account convertibilty (CAC). “There is no such thing as plenty as yet, but forex reserves are sufficient. We will have to define plenty,” Udeshi said while replying to a question on whether India’s forex reserves are in plenty.

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