Indian diaspora, global bankers may profit from New Delhi's dollar crunch

India isn't in the same boat as its South Asian neighbors, even though it's in the same choppy waters

consumer sentiment

Andy Mukherjee | Bloomberg New Delhi
Bangladesh is seeking a bailout from the International Monetary Fund; Pakistan is expected to receive its own $1.2 billion rescue deal soon. Neither wants to end up another Sri Lanka. The island nation was pulled into a vortex of empty dollar coffers, popular anger over shortages of food, fuel and medicines, political chaos and a still-deepening economic funk.
Among South Asia’s major economies, only India remains standing. But the region’s largest economy is also wobbling a bit.

Even after depleting 11% of its foreign-currency arsenal, the Reserve Bank of India has only managed to keep the rupee near an all-time-low of about 80 to the dollar. Should New Delhi start filling up an IMF loan application? Not so fast.

First Published: Jul 28 2022 | 08:45 AM IST

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