02 Sep '13, 1pm

Currency Battle: Over past four months, Indian Rupee down 25% and Bitcoin up 35%. #forex #usd #btc…

Currency Battle: Over past four months, Indian Rupee down 25% and Bitcoin up 35%. #forex #usd #btc…

“Populist fiscal policies have come back to haunt India,” said Kunal Kundu, from Societe Generale. Food and fuel subsidies are gobbling up much of the budget, while investment atrophies. India has been living beyond its means, with a current account deficit of 4.8pc of GDP last year. Mr Kundu said India needs large inflows of capital just to cover its short-term external debt, yet hot money is leaving. Officials have floated plans to use India’s gold reserves as collateral for loans from the International Monetary Fund, but the IMF would demand deep reforms and cuts in subsidies. “The Indian authorities have made a complete mess of policy,” said Lars Christensen from Danske Bank. “They are trying to defend a quasi-peg for the rupee instead of letting the currency reflect fundamentals.” It remains to be seen whether other countries will join forces with India. South Africa ...

Full article: http://www.telegraph.co.uk/finance/currency/10277392/Indi...

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