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Spice’s Modi Holds $200 Million on View Dollar Will Appreciate

Spice Global Chairman Bhupendra Kumar Modi
Bhupendra Kumar Modi, chairman of Spice Global, gestures as he speaks during an interview in Singapore on March 14, 2013. Photographer: Munshi Ahmed/Bloomberg

Spice Global Chairman Bhupendra Kumar Modi says he has raised his U.S. dollar holdings to $200m million, or a 10th of his $2b net worth, as he expects currency to appreciate against euro, pound and yen.

  • There is a “currency war” and many countries are following the U.S. in measures that would depreciate currencies: Modi
  • “The Americans were the first to devalue their currency and bring interest rates to zero. They set the trend and now many other countries are also going to depreciate their currency as a way to increase exports, GDP and competitiveness.”

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