Finance minister: India actively preparing for U.S. Fed tapering

10/14/2013 | Business Standard (India)

Recent additions of $7.4 billion to India's foreign reserves should provide a cushion when the U.S. Federal Reserve eventually begins to taper its bond-buying program, said Finance Minister P. Chidambaram. "Secondly, we have entered into an agreement or we will enter into an agreement with Japan for a $50 billion swap arrangement. Thirdly, portfolio investment has brought in about $2 billion already, then we are encouraging oil marketing companies to borrow abroad to finance their purchases of oil," Chidambaram said.

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