India Calls Millions of NRIs to Help Rupee Fall


NEW DELHI – It seems like all efforts of the Indian government to save the depreciating value of rupee is going in vane. Now India is planning to call the millions of NRIs to help the record fall in the rupee value. Currently India is not supporting the idea of a global sovereign bond, a senior official said, reports Reuters.

A statement said that the government strictly shorn having dictated out a sovereign bond issue.

India had very less options and time to boost up the currency and revitalize a record current account deficit but at the same time policymakers were cautious to send any disturbing signals to global markets, said an official who didn’t wish to be named.

Issuing international bonds might predict such signals; therefore policy makers are planning to aim on attracting finance from Non Resident Indians by surging deposit rates or issuing precisely designed bonds for them. The same measures were taken by the government in 1998 and 2000 to steady a weak rupee.