.... While the rupee has seen a rapid reversal to 51, the RBI’s intervention, however, is showing up in depleting foreign exchange reserves, which have fallen by $27 billion since October 2011 to $293 billion at present — the lowest in more than a year. This depletion of reserves might just play on the RBI’s mind and stifle an aggressive lowering stance if there is no visible resolution to the European debt problem......
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