….The reduction in CRR was, in fact, at odds with the stated position of the RBI governor and other top officials of the bank who had repeatedly stressed that the battle on the inflation front is far from over. Yes, the RBI had intervened to shore up the exchange rate of the rupee vis-a-vis the dollar in the closing months of the last calendar year. Yes, forex inflows had slowed down impacting that reserve money creation. Yes, broad money growth was lower than in the comparable period last year, but then so was the level of economic activity…..
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