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Friday July 3, 09:30 PM
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Dollar role in India FX basket may change - official
AIX-EN-PROVENCE, France (Reuters) - The weight of the dollar in the basket of currencies that helps set the rate of India's partially convertible rupee currency may be reduced, a senior Indian government adviser said on Friday.
Suresh Tendulkar, chairman of the prime minister's economic advisory council, said the Indian central bank was responsible for any change but he believed such a move was quite possible.
"The basket may undergo change. That's up to the Reserve Bank of India. They have to make a call," he told reporters.
"I would not be surprised if they change it" (to reduce the weight of the dollar in the basket) he said.
Asked whether the U.S. dollar should be weaker he said: "I think it is necessary...it should go down."
