The frequency of currency crises in the past decade has generated a lot of interest in the genesis and the spread of these crises. Numerous hypotheses have been advanced and debated in explaining the phenomena of currency crises in the 1990s. This paper attempts to survey and summarize this literature. As India moves towards greater exchange rate flexibility and capital account liberalisation, an understanding of these issues becomes very important. I hope that this review proves useful to policymakers and others grappling with these issues.