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India should use forex reserves to curb rupee turbulence: Kaushik Basu

Reuters  New Delhi, August 19, 2013
First Published: 13:15 IST(19/8/2013) | Last Updated: 13:16 IST(19/8/2013)

India should use foreign exchange reserves to help stabilise the rupee, World Bank chief economist Kaushik Basu said in a lecture in New Delhi on Monday, after the currency hit a record low of 62.46 against the dollar on the same morning.


The rupee fell despite a series of measures unveiled last week to try to stall its decline.

The rupee has been the worst performer in Asia since late May, when the US Federal Reserve first signaled that it may begin tapering its monetary stimulus this year, sparking an exodus of cheap money from emerging markets worldwide.

Basu is a former chief adviser to the country's finance ministry.

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