Must seriously look at currency swap pacts with trade partners: Sharma
29 Aug 2013 3:59 AM IST
India needs to ‘seriously’ look at currency swap arrangements with various important trading partners with a view to stabilise the domestic currency, Commerce and Industry Minister Anand Sharma said on Tuesday.
‘... I was referring to possible trading in your national currency, currency swap with some of the countries, which we need to look at very seriously. I want wisdom of our bankers, export promotion council and industry leaders to guide us...if we identify four big ones, it will help, particularly at this juncture,’ he said.
Sharma was addressing the members of the Board of Trade, a body comprising captains of Indian industry.
Since 30 April, the local currency has depreciated by nearly 15 per cent.Sharma said rupee depreciation was not helping exporters because most of the exports were dependent on imported raw material.
‘... I was referring to possible trading in your national currency, currency swap with some of the countries, which we need to look at very seriously. I want wisdom of our bankers, export promotion council and industry leaders to guide us...if we identify four big ones, it will help, particularly at this juncture,’ he said.
Sharma was addressing the members of the Board of Trade, a body comprising captains of Indian industry.
Since 30 April, the local currency has depreciated by nearly 15 per cent.Sharma said rupee depreciation was not helping exporters because most of the exports were dependent on imported raw material.
Next Story
