RBI monetary policy: We may be on the verge of currency war, says Patel

Foreign currency reserves are down by $19 billion since the end of March

Advising caution on global trade wars leading to currency friction, Reserve Bank of India Governor Urjit Patel on Wednesday said India was better-prepared face the fallout of it. 

The country will have to take prudent steps not to add to global risks, which can be adverse for it.

“We have already had a few months of turbulence behind us and it looks this is going to continue, for how long I do not know. But the trade skirmishes evolved into tariff wars and now we are possibly at the beginning of currency wars,” Patel told the media on the RBI’s