

Bernstein makes a point on India's FX reserves that I have been debating with Reuters FX experts @kalrajs23 and Nimesh Vora: Should India's true FX cover be measured as foreign currency assets, adjusted for forward position and not total reserves given the higher share of gold? That would take usable reserves to about $480 billion or so? (Last reported FCA at $555 billion and forward book last reported at $68 billion) Bernstein makes that point today. Views welcome!























