Indian foreign exchange reserves will not be hit: RBI

The declining value of Euro will not affect Indian foreign exchange reserves as Euro was only a small component in forex, RBI Deputy Governor K.C. Chakrabarty said Friday.

“We are not much concerned. Dollar is strengthening against all currencies, including Rupee. So there is no concern at the moment”, Mr. Chakrabarty told reporters on the sidelines of a function here when asked if the Greek debt crisis affecting markets world wide would impact India.

“In rupee terms, our reserves are going up. Our major reserves are always in dollar. How we are going to manage the currency is not an issue of public debate”, he said.