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In June 1991, just before P.V. Narasimha Rao became PM, how low had India’s foreign-exchange reserves fallen?

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1. In June 1991, just before P.V. Narasimha Rao became PM, how low had India’s foreign-exchange reserves fallen?

Roughly $10 billion, enough for over a year of imports

Roughly $1 billion, barely enough to cover a few weeks of imports

India had zero foreign-exchange reserves at all

Roughly $5 billion, a comfortable cushion by regional standards

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