India joins in questioning dollar dominance

Suresh Tendulkar, an economic adviser to Indian Prime Minister Manmohan Singh, said he is urging the government to diversify its US$264.6 billion foreign-exchange reserves and hold fewer U.S. dollars. “The major part of Indian reserves is in dollars — that is something that's a problem for us,” Tendulkar, chairman of the Prime Minister's Economic Advisory Council, said in an interview yesterday in Aix-en-Provence, France, where he was attending an economic conference. Singh is preparing to join leaders from the Group of Eight industrialized nations — the U.S., Japan, Germany, Britain, France, Italy, Canada and Russia — at a summit in Italy next week which is due to tackle the global economy. China and Brazil will also send representative to the summit. As the talks have neared, China and Russia have stepped up calls for a... [read full story]                    

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