Why Indian Equity Returns Look Different in Dollars 15May2026

Why Indian Equity Returns Look Different in Dollars 15May2026

 

Follow @vrk100

 

(This is my 513th blog since 2010. Over the years, I have covered global financial markets, with a focus on India, and continue to share insights to help readers understand complex topics in simple language.

The views expressed here are for information purposes only and should not be construed as a recommendation or investment advice. While the author is a CFA Charterholder with nearly 25 years of experience in financial markets, this content is intended to share general insights and does not constitute financial guidance. 

Please consult your financial adviser before taking any investment decision. Safe to assume the author has a vested interest in stocks / investments discussed if any.) 

Indian stock market returns can look very different when measured in rupees versus US dollars. The difference is not driven by company performance, but by currency movement over time.

India Equities in a Global Lens:

For investors outside India, the story does not end with stock performance. Returns are also shaped by changes in the Indian rupee against the US dollar, which means the same market can deliver different outcomes depending on the currency in which it is viewed.

Two Ways of Looking at the Same Market:

The BSE Sensex and the BSE Dollex 30 are used as proxies for the Indian equity market. Both represent the same basket of 30 large, liquid and financially sound Indian companies. The only difference is currency denomination. 

The Sensex is measured in rupees, while the Dollex 30 expresses the same performance in US dollars after accounting for currency movement.

Because they track the same underlying companies, any gap between them is not about stock selection. It is entirely driven by currency.

Where Currency Changes the Story:

For a domestic investor, returns are straightforward. If the Sensex rises, wealth in rupee terms rises. For a foreign investor, however, there is an extra layer. 

Even if Indian stocks rise, a weakening rupee reduces the return when converted back into dollars. 

Similarly, a stronger rupee can boost foreign investor returns even when the underlying stock performance remains the same.

This is why the same market can feel stronger or weaker depending on the currency perspective.

What the Data Show:

Chart showing Indian stock market returns in local currency (Indian rupee) versus US dollar terms: BSE Sensex vs BSE Dollex 30:

 

The chart above compares annual returns and trailing returns of the Sensex in rupee terms and the BSE Dollex 30 in dollar terms. It also shows the currency impact, which reflects the effect of rupee movement against the dollar over time.

A few patterns become clear from the data. Indian equities have delivered solid returns in local currency terms over the years. However, the returns in dollar terms are consistently lower in most periods. 

The difference is primarily explained by gradual depreciation of the rupee over time.

Examples from the Data Chart above:

In 2017, Indian stocks had a great year in rupee terms. The Sensex rose by 27.9 per cent. But the BSE Dollex 30, which reflects the same market in US dollars, actually gained even more, that is, 36 per cent. 

Why? Because the rupee strengthened (by about 8%) against the dollar that year. 

A stronger rupee amplified returns for foreign investors, giving them more dollars for each rupee of investment, even though the stock market itself performed the same.

Contrast this with 2022. The Sensex rose modestly by 4.4 percent in rupees. However, the Dollex 30 fell by 6.3 per cent in dollar terms. The reason: the rupee weakened (by about 11%) against the dollar. 

Even though the Indian market delivered a small positive return locally, foreign investors saw a loss in their home currency. A depreciating rupee reduced their dollar-denominated returns.

Trailing Returns: From an FPI perspective, the Sensex’s 11.4 per cent annualised return, over the past 10 years, drops to 7.5 per cent in dollar terms, meaning currency (India rupee depreciation) has reduced foreign investors’ returns by nearly 4 percent per year.

To put differently: Ten years can make small annual differences look very large. A 100 rupee investment, at a CAGR of 11.4 per cent, in the Sensex 10 years ago would today be worth about 295 rupees. That is a gain of 195 percent.

But the same market looks very different in dollar terms. A 100 dollar investment, at a CAGR of 7.5 per cent, in the BSE Dollex 30 would have grown to only about 205 dollars, a gain of 105 percent.

The annual return gap may appear to be only about 4 percentage points. Over long periods, however, compounding turns that into a very large difference in actual wealth creation. 

These examples show how currency movement can either enhance or reduce returns for foreign investors, independent of how the stock market itself performs. 

FPI Behaviour:

Foreign portfolio investors (FPIs) allocate capital based on expected returns in their home currency, making currency movement an important input in their decisions. A weakening rupee can reduce dollar returns and act as a headwind, while a stable or stronger currency improves expected outcomes. 

However, currency is only one of several drivers, along with earnings growth, valuations, interest rates and global risk conditions.

A common market narrative is that sustained rupee depreciation alone explains weak foreign inflows into Indian equities. While currency matters, FPI flows are influenced by a combination of macro and market factors rather than a single variable.

Why Foreign Investors Care About This:

Foreign investors evaluate returns in their home currency, so what matters is not just stock performance but the converted value in dollars or euros. This is why a strong domestic market can appear weaker in dollar or euro terms when the rupee depreciates.

Conversely, a stable or strengthening rupee can enhance dollar returns, allowing foreign investors to outperform local investors even from the same market performance. 

The Bigger Lesson:

Investing in any country is not just a bet on companies. It is also a view on currency. Over long periods, currency movement can quietly add or subtract meaningfully from equity returns when seen from a global perspective.

This is why global investors always evaluate markets on a currency adjusted basis. It is not a different market. It is simply a different lens on the same market.

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References:

See Update 03Jan2026 with charts 162 and 163 in blog: Forex Data Bank - to check the data of Indian rupee depreciation versus the US dollar (27 years data)

Tweet 20Jan2026 Sensex at 40 years  - Sensex price returns and TRI

Value Research BSE Indices 

Sensex factsheet

BSE Dollex 30 factsheet 

What is Sensex and Its Importance in the Indian Stock Market 17Dec2009 

 

A Simple Guide to the Nifty India FPI 150 Index 04May2026

A Simple Guide to the Nifty India FPI 150 Index 04May2026

 

Follow @vrk100

 

(This is my 508th blog since 2010. Over the years, I have covered global financial markets, with a focus on India, and continue to share insights to help readers understand complex topics in simple language.

The views expressed here are for information purposes only and should not be construed as a recommendation or investment advice. While the author is a CFA Charterholder with nearly 25 years of experience in financial markets, this content is intended to share general insights and does not constitute financial guidance. 

Please consult your financial adviser before taking any investment decision. Safe to assume the author has a vested interest in stocks / investments discussed if any.) 

The article is about Nifty India FPI 150 Index, introduced by India's premier exchange, NSE India last year. NSE lists the index as a 'Broad Based' index.

 

1) Introduction and Importance

The Nifty India FPI 150 Index represents a carefully selected group of Indian stocks that are most accessible to foreign portfolio investors (FPIs). 

Drawn from the broader Nifty 500 universe, it focuses on companies with strong liquidity, high free-float and sufficient room for foreign ownership. 

For global investors interested in India growth story, this index helps track where international money is most likely to be invested. It serves as a useful benchmark for understanding both market trends and foreign investor preferences.

2) Understanding “Foreign Investible Free-Float Market Capitalisation”

Free-float means only the shares that are actively available for buying and selling in the market. Not all shares qualify, because some are held by promoters, governments or insiders who do not usually trade them.

So, free-float market capitalisation = share price × shares that are actually tradable.

Foreign investible:

Even within free-float shares, foreign investors cannot always buy the entire portion. There are regulatory limits on how much foreign investors can hold in a company, and these limits differ by sector and sometimes by individual companies.

For example, in private banking stocks like HDFC Bank or ICICI Bank, foreign ownership is allowed only up to 74 per cent, and in practice the actual foreign holding may already be close to these limits. 

In the insurance sector, rules have recently changed. As of 02May2026, foreign investment in most insurance companies in India is now allowed up to 100 per cent. 

However, Life Insurance Corporation of India (LIC) remains an exception, with a foreign ownership cap of 20 per cent, meaning only a small part of its shares are available to foreign investors.

So, "foreign investible" refers to the portion of freely tradable shares that foreign investors are still allowed to buy after accounting for such sector-specific and company-specific ownership limits.

Putting it all together:

Foreign investible free-float market capitalisation means the value of shares that are both:

> freely tradable in the market, and
> available for foreign investors to invest in

Simple example:

Imagine a company with a market cap of Rs 10,000 crore:

Only Rs 4,000 crore worth of shares are free-float (actually tradable in the market).

Out of that, only 1,500 crore worth is still available for foreign investors due to ownership limits.

In this case, the foreign investible free-float market capitalisation is Rs 1,500 crore.

3) What the Nifty India FPI 150 Index Tracks

The index tracks the performance of 150 leading stocks chosen based on their foreign investible free-float market capitalisation. 

This means it prioritises companies where foreign investors can easily buy and sell shares without significant restrictions. 

To be included, stocks must meet strict criteria related to trading activity, size, and foreign investment limits, ensuring the index remains both liquid and investible. 

 

4) How the FPI 150 Differs from the Nifty 500

The Nifty 500 is a broad market index that represents 500 of the largest and most liquid Indian companies. Its purpose is to reflect the overall Indian equity market without considering investment constraints or who is investing.

The Nifty India FPI 150, in contrast, is a filtered version of this universe designed specifically for foreign investors. 

It selects stocks not only based on size and liquidity, but also on how much of the company is actually investible for foreign capital, after accounting for regulatory limits and existing foreign ownership.

This leads to key differences in composition and weights. For example, Reliance Industries has a higher weight in the FPI 150 than in the Nifty 500 because it combines scale with relatively better foreign investability. 

On the other hand, a few large Nifty 500 constituents like State Bank of India do not appear in the top ten stocks list of FPI 150 due to structural foreign ownership constraints. 

Even stocks like HDFC Bank and ICICI Bank have lower weights in the FPI index because a large part of their foreign investible room is already utilised.

In simple terms, the Nifty 500 shows market size and representation, while the FPI 150 shows where foreign capital can actually participate.

5) Index's Portfolio Characteristics

Methodology: Foreign investible free-float market cap

No. of Stocks: 154

Index launch Date: 16Aug2025

Index base Date: 03Oct2022

Base Value: 1000

Calculation Frequency: Real-Time

Index Rebalancing: Quarterly (March, June, September, December) 

 

As of 30Apr2026, it temporarily includes 154 stocks due to the demerger of Vedanta Ltd into five companies. 

At present, there are no passive funds such as ETFs or index funds tracking this index. 

 

6) Sector Allocation and Top Stocks:

Financial services and oil & gas stocks dominate the index.

Chart showing top sectors and top stocks in the index >

 

7) Performance and Risk Snapshot: 

Data as on 30Apr2026:

Total Return: 

-5.2% YTD
+4.1% 1-year

Standard Deviation:

14% 1-year

8) Summary 

The Nifty India FPI 150 Index shows the most investible Indian stocks from a foreign investor’s point of view. It focuses on large, liquid companies that are easier for global investors to access and trade.

However, it is not yet available as an investible product like an exchange traded fund (ETF) or index fund.

For everyday investors, it still offers a simple way to understand how India’s stock market is structured and which sectors and companies attract global capital. 

 

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References:   

Nifty Indices Research Papers

Nifty Indices methodology document PDF

Nifty Indices factsheets 

Nifty India FPI 150 index 

Nifty India FPI 150 factsheet PDF 

 

Screenshot of Nifty India FPI 150 factsheet PDF  for Apr2026 >

 

 

 

 

India Foreign Exchange Reserves Comfortable - vrk100 - 10Nov2023

India Foreign Exchange Reserves Comfortable 

 

Follow @vrk100

 

 

(Effective May2024, all the forex data are updated in new blog Forex Data Bank) 

 

(This is for information purposes only. This should not be construed as a recommendation or investment advice even though the author is a CFA Charterholder. Please consult your financial adviser before taking any investment decision. Safe to assume the author has a vested interest in stocks / investments discussed if any.)

   

 

(update 13Nov2023 is available at the end of the blog post)

 

 

 

India's foreign exchange reserves (or forex reserves for short) are maintained by country's central bank, the Reserve Bank of India (RBI). RBI is the owner and custodian of India's forex reserves.

 

RBI also sets monetary policy and manages exchange rate fluctuations in Indian rupee, in addition to several other functions. 

 

1. Healthy Forex Reserves

Adequate foreign exchange reserves provide comfort to India’s real and external sector from shocks emanating from volatility in capital flows and crude oil price shocks.

 

There are some metrics to know whether a country’s forex reserves are adequate to meet the challenges in external sector (these metrics shall be discussed in later part of the blog).

 

While there are immense benefits from forex reserves, there is an opportunity cost to management of forex reserves. It is worth noting the returns from forex reserves are quite low (see below for more). 

 

This cost has to be balanced in the backdrop of absorbing shocks from volatile exchange rate and oil prices. India imports most of its energy / oil needs from abroad. 

 

As we have seen in August / September 2013, Indian rupee fell sharply due to a variety of factors, like, surge in crude oil prices, India’s high current account and fiscal deficits, stubborn food inflation and ‘taper tantrum’ remarks by then-Fed chair Ben Bernanke in May 2013. 

 

After the Indian federal government took steps and Raghuram Rajan took over as RBI governor, Indian rupee stabilised and appreciated to 63-level versus the US dollar by the second week of Sep2013 from its then-all-time-low of 68.80 at the end of Aug2013.

(blog continues below)

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Related blogs:

 

India Forex Reserves in Four Charts 08Mar2022

 

India Foreign Exchange Reserves Data  18May2022

Slowing Foreign Direct Investment to India 25May2022

Exit India Policy by Foreign Investors  10Jul2022

 

When Will Foreign Investors Stop Selling Indian Stocks? 03Apr2022 

 

Central Bank Gold Holdings  21Mar2022

RBI Gold holdings 07Mar2022

India Forex Reserves - Abysmal Returns 13Mar2014

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Over the past 10 years, India built up its forex reserves consciously after having seen some episodes of Indian rupee volatility in August 2013 as mentioned before. 

Though the reserves have shrunk in the past one year, they have almost doubled from USD 292 billion at the end of March 2013 to USD 578 billion by the end of March 2023.

 

As of Oct2023, the reserves are at USD 586 billion.

 

Reserves accretion was at a faster pace between 2018-19 and 2021-22; one reason for this could be lower current account deficit (more on CAD in Section 4 below) during the period.

 

In India, a two percent current account deficit (CAD as a percentage of GDP or gross domestic product) is considered as sustainable to stimulate India's economic growth. Anything, above two percent CAD to GDP ratio is not sustainable creating instability in real and financial sectors. 

Table 1: Forex Reserves, accretion / depletion and RBI USD sales / purchase:

 

 

2. Role of Foreign Investors

Foreign portfolio investors (FPIs) have been investing in Indian stock market since 1991. But,the foreign portfolio flows into India's stock and debt markets are temporary in nature and they can be quite volatile.

 

In order to mitigate any risks from volatile portfolio flows, India needs to have adequate foreign exchange reserves as a cushion. Any substantial increase in FPI flows needs to be buttressed with accretion to forex reserves.

 

There are different types of FPIs (foreign portfolio investors) in Indian stock market. They are not homogeneous group. Their objectives of investing in India are different.

 

FPIs provide both stable and volatile capital to India.

 

Some part of the flows can be considered as more stable, because entities,like, sovereign wealth funds, endowments, pension funds and foundations tend to take a long term view of India and they supply stable capital through their investments in Indian financial markets.

 

Investors that provide such stable capital are termed as 'long-term FPIs.' 

 

Other investors prefer investing for short term. The volatility in FPIs flows into Indian market depends mainly on this short-term-oriented FPIs.

 

FPIs that invest for long term in Indian stocks and are stable capital providers:

 

1. sovereign wealth funds (SWFs)

2. endowments ad foundations

3. India-only foreign funds

 

FPIs that are short-term oriented with volatile capital:

 

1. global funds

2. proprietary desks

3. hedge funds

 

Equity Assets held by FPIs / FPI AUC data:

 

As on 30Sep2023, equity assets under custody (AUC) by FPIs increased by 17.3 percent in the past one year (between Sep2022 and Sep2023) in rupee terms to Rs 54 lakh crore.

 

Whereas in US dollar terms, equity AUC held by FPIs in the same period increased by 15.1 percent to USD 650 billion as the Indian rupee depreciated by 1.8 percent versus the US dollar. 

 

However, the share of FPIs in Indian stocks declined from 19.5 percent of total BSE market capitalisation in Mar2017 to  17 percent in Sep2023. 

The following tables 2 and 3 provide details of Indian equity assets held by FPIs: 

 

 

Volatile FPI flows in Indian equity / debt market:

The volatility of FPI flows into stock market can be gauged from the monthly numbers shown in table 4 below. In calendar year, their flows were negative in January, February, September and October. 

 

Despite the outflows, the stock market remained more or less resilient, which can be observed from Sensex / BSE 200 levels provided in the chart.

Table 4 provides monthly data of FPI equity flows:

 

 

As shown in table 5 below, FPIs sold Indian stocks heavily between October 2021 and June 2022 amounting to more than Rs 2.55 crore of money. During the period, the Sensex lost about 10 percent of its value; the FPI flows were more or less matched by domestic investors.

Table 5 provides quarterly data of FPI equity flows:

 

 

Between 2010 and 2023, FPI flows into stocks were negative in three years, that is, 2011, 2018 and 2022. They were negative in three financial years in 2015-16, 2021-22 and 2022-23; with one year 2018-19 being practically zero net flows.

 

Tables 6 and 7 provide yearly (both calendar and financial) data of FPI equity flows (data from 2010 to 2023 -- 2023 data till 10Nov2023):

 

 

 

3. Slowing Foreign Direct Investment

Foreign direct investment (FDI) is considered as more stable when compared to foreign portfolio flows from FPIs.

 

While commenting on FDI flows, it is important to distinguish between gross flows and net flows. 

 

Gross FDI inflows include repatriation / disinvestment (some multi-national corporations repatriate profits out of India and some MNCs close their India businesses) figures.

 

And from the resultant figure, we need to remove FDI by India (investments made by Indian companies abroad). That is how we arrive at the net FDI print.  

 

In the past nine years, the lowest net FDI to India in US dollar terms is in FY 2022-23, when India received USD 28 billion of net FDI.

 

In the past 9 years under PM Modi government, net FDI inflows showed an absolute growth of 29.8 percent or just 2.94 percent annualised growth (CAGR) which can be considered as abysmal.

 

Years 2019-20, 2020-21 and 2021-22 experienced bumper net FDI investment inflows. but they were down, year-one-year, more than 27 percent in 2022-23 in US dollar terms.

Table 8: Foreign Direct Investment (FDI) data for the past 17 years - both gross and net FDI:

 

 

 

4. Current Account Deficit in Control

One redeeming feature of Indian economy in recent years is the current account deficit, in general, is in control as compared to turbulent times India faced in 2011-12 and 2012-13.

PM Modi government deserves some praise on the balance of payments (BoP) position, though on the FDI front India lacks direction (Section 3 above). 

 

As shown below, India enjoyed a current account surplus for the first time in several years - this needs to be tempered in the backdrop of severe and draconian COVID-19 lockdowns imposed in India.

 

The lockdowns contracted India's economic growth severely and merchandise trade collapsed resulting in a current account surplus of 0.9 percent of GDP during financial year 2020-21. 

Current account balance in surplus is a rare phenomenon in India.

Table 9: CAD to GDP ratio from 2009-10 to 2022-23:

As mentioned above, a two percent current account deficit (CAD as a percentage of GDP) is considered as sustainable to stimulate India's economic growth. 

As can be seen from above table, only in FY 2018-19, we had more than two percent CAD to GDP.

6. Adequacy of Reserves

 

Now, let us come to the main topic of examining whether India is in a comfortable position in forex reserves. 

 

RBI mainly focuses on safety and liquidity, rather than returns (earnings) while managing India's forex reserves. Returns on forex reserves are incidental to the main objectives of safety and liquidity.

 

Global savings glut impacts not only savers but also RBI's balance sheet. Rate of earnings on RBI's fx reserves: 1999-2000 to 2018-19 (sharp drop from 2008 GFC)...

 

India's forex reserves are not from trade surplus (as is the case with nations, like, China and Japan), but they are accumulated mainly from foreign portfolio flows, which can be quite volatile at times.

As such, having a large sized forex reserves may not be the ideal situation.

 

When RBI buys foreign exchange (mostly US dollars) to add to its reserves, it releases money (rupees) into the banking system. To neutralize the impact of excess money, RBI issues government securities and takes away that money from the banking system, involving sterilization costs for the government.

 

As mentioned earlier, the opportunity cost of managing forex reserves has to be balanced in the backdrop of absorbing shocks from volatile exchange rate and oil prices; and providing financial stability. 

 

RBI manages the forex reserves diligently taking into account the currency composition, duration and selection of instruments, applying prudent portfolio risk management policies. 

 

RBI deploys these foreign exchange reserves in several instruments, significantly in the US Treasury securities.

 

The currency composition of our forex reserves is mainly from US dollar, euro, British pound and Japanese Yen. 

 

As stated by Mr Moses Harding, an expert on forex markets, the carry cost of India's forex reserves is high, but benefits are more non-tangible, like, financial and macro-economic stability and stable exchange rate.

 

The optimum level of reserves is hard to quantify. 

 

However, there are some metrics that can be used to assess whether India has adequate forex reserves. These are: import cover, short term foreign debt to forex reserves ratio and volatile capital flows to forex reserves.

 

We shall also examine how much returns (earnings) the RBI generates from the reserves. 

 

a). Import cover

 

Import cover is number of months of imports forex reserves could pay for. As of June 2023, import cover is 10.2 months, meaning India's forex reserves are sufficient to provide for more than 10 months of India's imports.

 

This is a comfortable situation, though import cover was 17 months three years ago.

India's forex reserves were as low of one month import cover during the crisis year of 1991.

Table 10: Import cover:

 

 

b). Short-term foreign debt to forex reserves

 

As at the end of June 2023, short term foreign debt (that is, external debt with original maturity of one year) to forex reserves ratio is 20.8 percent, which indicates a healthy position.

During 2012 and 2013, the ratio was uncomfortably high at 29 and 34 percent respectively. The lower the ratio, the better for Indian economy.

Table 11: Short term debt to forex reserves:

 

 

 

c). Volatile capital flows to forex reserves

 

The ratio of volatile capital flows to forex reserves is at 70.3 percent at at the end of June 2023. The lower the ratio, the better for the country. 

 

Volatile capital flows include cumulative portfolio inflows and outstanding short-term debt.

By this metric, India need not expect any trouble from volatile capital flows in the next one year. During 2013, the ratio touched almost 100 percent.

 

 

d). Rate of earnings

 

As RBI deploys the forex reserves in foreign assets, the returns (earnings) from them are a function of interest rates globally.

 

After the 2008 Global Financial Crisis (GFC), many major central banks followed zero interest rate policy (ZIRP), resulting in lower returns from reserves. 

 

As the US Federal Reserves, European Central Bank and Bank of England started increasing interest rates in 2022, the returns have improved last year.

 

In fact, the earnings rate in FY 2022-23 was 3.73 percent, the highest in several years.

 

 

7. Summary:

 

India's forex reserves have to be seen in the context of various other macro variables.

 

We have examined variables, such as, total reserves, volatile portfolio flows, stable foreign direct investment and various metrics about adequacy of reserves. 

 

Except slowing FDI flows, India seems to be in a comfortable position as far as adequacy of foreign exchange reserves is concerned. 

As examined in Section 6 above, India is in comfortable position in terms of import cover, short term debt to foreign debt and volatile capital flows to forex reserves.

 

Slowing net foreign direct investment into India is area of concern, though with deft management of current account and fiscal deficits and foreign exchange reserves, India can weather any unforeseen or adverse internal or external developments.

 

Future is unknown in the backdrop of geopolitical risks (like, elevated interest rates for a long period of time, high crude oil prices and wars). There is no room for complacency. But overall, India's forex reserves are adequate barring any exigencies and unknowns.

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P.S.: The following information / images are added after the blog was published on 10Nov2023:

 

 

P.S. 1 dated 13Nov2023: Page 92 of RBI's Annual Report 2022-23 provides a chart on External Vulnerability Indicators for India's external sector >

 

 

 

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Additional Notes:

 

RBI has got two intervention currencies - the US dollar and Euro

Changes / movements in RBI's foreign currency assets (FCA) occur mainly due to:

1) purchase and sale of forex by RBI (daily intervention in forex markets by RBI to "smoothen volatility")

2) income from forex reserves deployed abroad

3) external aid receipts of Govt of India

4) changes on account of revaluation of assets (fall of Euro and British Pound versus the US dollar, during Apr-Sep2022, was one of the main reasons for the steep fall in India's forex reserves, which are denominated in US dollars -- aggressive sale of forex by RBI between Mar2022 and Aug2022 to defend Indian rupee from falling against the USD was another reason for big drawdown of forex reserves)

 

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(though it was uploaded around 6 PM on Blogger on 10Nov2023, it took another 5 hours or so to finish this blog)

 

References:

 

More weblink references are given throughout the blog

 

IMF Paper 14Feb2011 on Assessing Forex Reserves Adequacy

RBI annual policy statement by YV Reddy 18May2014 (on aspects of forex reserves management)

 

YV Reddy, RBI deputy governor, speech 10May2002 (forex reserves management)

YV Reddy, RBI governor, speech 23Jun2005 (managing external sector)

 

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Disclosure:  I've vested interested in Indian stocks and other investments. It's safe to assume I've interest in the financial instruments / products discussed, if any.

Disclaimer: The analysis and opinion provided here are only for information purposes and should not be construed as investment advice. Investors should consult their own financial advisers before making any investments. The author is a CFA Charterholder with a vested interest in financial markets. 

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He blogs at:

https://ramakrishnavadlamudi.blogspot.com/

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