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I wish such articles took a historical perspective and pointed out the risks in such a strategy. I think many people know of the temptations - lower interest rates and appreciation of INR vs USD. But many don't know the risks.
And it isn't that this is something new and those risks have not materialized. One only has to study the Asian currency crisis of 1997 and the FCCB crisis in India of 2008. There are many others.
The article should also cover the fragility introduced into a business model by using such foreign currency borrowings and why, despite the temptations of "lower borrowing costs" they are a bad idea... There have been so many blowups. And there will be many more...
People don't realize that there isn't a perfect hedge out there which will cost far less than the difference between the interest rates of two different currencies and will also produce no asset-liability mismatch.
