RUSSIA: Indian Prime Minister Manmohan Singh arrives in the Russian city of St. Petersburg for the G20 summit meeting

Record ID: 863020

  • Title: RUSSIA: Indian Prime Minister Manmohan Singh arrives in the Russian city of St. Petersburg for the G20 summit meeting
  • Date: 4th September 2013
  • Summary: ST. PETERSBURG, RUSSIA (RUSSIAN POOL) INDIAN PRIME MINISTER MANMOHAN SINGH'S PLANE ON TARMAC VARIOUS OF SINGH GETTING OFF HIS PLANE SINGH BEING GREETED BY RUSSIAN OFFICIALS VARIOUS OF SINGH TAKING SEAT IN HIS CAR MOTORCADE NEXT TO PLANE ON TARMAC INDIAN FLAG ON SINGH'S CAR SINGH'S CAR DRIVING AWAY
  • Embargoed: 19th September 2013 13:00
  • Keywords:
  • Location: Russian Federation
  • City:
  • Country: Russia
  • Topics: International Relations,Politics
  • Reuters ID: LVABNLJSBA0SA0NBJ1Y4ALDWDCKD
  • Aspect Ratio:
  • Story Text: Indian Prime Minister Manmohan Singh arrived in St. Petersburg on Wednesday (September 4), ahead of the two-day Group of Eight summit.
    The Indian rupee is the worst performing major currency in recent months, having lost about 20 percent against the dollar since May to hit an all-time low. Other hard-hit emerging market currencies include the Brazilian real which has fallen more than 14 percent and the Indonesian rupiah, which has slid nearly 12 percent in 2013.
    It is the dollar's outsized role in the global financial system - it counts for 62 percent of central bank reserves - that has been in part responsible for a roller-coaster ride on markets throughout Russia's G20 presidency.
    The year started with controversy over whether the aggressive fiscal and monetary stimulus launched by Japanese Prime Minister Shinzo Abe was an act of "currency war" designed to bring about a competitive devaluation.
    "Abenomics" got a free pass in the end when finance ministers met in February. The Federal Reserve had, after all, been buying up $85 billion worth of bonds every month to try to restore the flow of affordable credit to the U.S. economy.
    When Chairman Ben Bernanke cautioned in May that the Fed would slow the printing presses as the U.S. economy recovers, the cheap dollars that had flooded emerging markets turned tail.
    Countries running external and fiscal deficits, above all India, have been most exposed.
    There has been no sign of the other members of the BRICS emerging markets caucus - Brazil, Russia, China and South Africa - rallying to India's side after Delhi called last Friday for joint currency intervention.
    Yet the BRICS have struggled to reach agreement on founding a joint development bank, with a deal months or even a year away, while the idea of creating a shared currency intervention pool has faded.
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