Reserves have already fallen rapidly by more than $60 billion and another $100 billion can result in the expectation that the RBI cannot keep up its defence of the rupee. Mounting expectations of depreciation could then lead to large capital flight by Indians. The importance of the dollar swap facility is that even if it is never used, as long as the market believes the RBI has access to it, it may prevent a speculative attack on the rupee. In general, whatever the level of foreign currency reserves of a country, it is always subject to the risk of a speculative attack. Therefore, the confidence that we have enough reserves and therefore do not need additional stand-by facilities would be misplaced.