Goldman Sachs: India's Forex Reserves may decline by $39 billion

Breaking News! The global financial crisis may impact India's forex reserves to a great extent. According to global banker Goldman Sachs, India's forex reserves may decline by $39 billion during 2008-09. The forex reserves stood at $310 billion in March 2008.

According to latest RBI reports, India's foreign exchange reserves already declined to $292 billion as on September 19, 2008. Even Commerce Minister Kamal Nath admitted that there could be slowdown in foreign direct investment inflow to the country.