RBI should let rupee depreciate, use forex reserves judiciously: CEA

Chief Economic Advisor V Anantha Nageswaran said that the Reserve Bank of India (RBI) should allow the rupee to depreciate gradually and foreign exchange reserves should be used judiciously. "We should augment foreign exchange reserves and that will help with any contingencies," Nageswaran added. India's foreign reserves have fallen from $642 billion to $531 billion.