Economic Affairs Secretary Ajay Seth on Tuesday dismissed the concerns over the depletion of forex reserve as "overblown" and said India has fairly large reserve to tide over the current situation.
Foreign exchange reserves were down for a seventh continuous week, dropping to $545.65 billion on September 16. The reserves, which have been dipping as the central bank deploys the kitty to defend the currency amid a pressure caused majorly by global developments, had declined by $2.23 billion to $550.87 billion in the previous week.
"There has been a depletion as inflows have come down and trade deficit is higher...I don't see this as a concern, India has fairly large reserves to tide over this situation," Mr. Seth said.
