Want to save rupee? Think outside the box, say experts

The rout of the rupee has caused angst and panic in the country. The many measures announced by the Government and the RBI seem to have barely worked. Are there out-of-the-box solutions that can support the currency? In a recent interview with Business Line, Jamal Mecklai of Mecklai Financial suggested tapping into the huge gold reserves with the Tirupati temple.

G. Chokkalingam, Managing Director and Chief Investment Officer, Centrum Wealth Management, agrees with the need to monetise gold reserves in the country but wants the RBI to take the initiative. He says, “We should take a bold decision to sell a large part of gold reserves held by the RBI — at least 400 tonnes out of about 558 tonnes and swap them for US dollars. It will fetch about $20 billion. The RBI doesn’t have to compete with people to keep this most unproductive asset.”

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