India Is Considering Tapping Its Citizens Abroad to Prop Rupee
- Government and RBI in talks on a plan to attract dollar flows
- Rupee is Asia’s worst performer after a 14% fall versus dollar
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Prime Minister Narendra Modi’s government is considering tapping Indians living overseas to lure foreign exchange flows and prop up a sagging rupee, according to people with knowledge of the matter.
Officials from the finance ministry and the central bank are discussing a plan to raise money from non-resident Indians, the people said asking not to be identified as the information is not public. An announcement regarding the method may come as early as this month, they said, without providing further details.