........The FM believes that India’s foreign exchange reserves would have gone up by $10.5 billion if gold imports were to have halved. The FM also believes that India’s CAD and the rupee value will improve if gold imports were to be curbed. Unfortunately, even RBI wants gold imports curbed in order to manage the rupee (INR) better. The FM and the RBI could never go more wrong in their understanding of gold. In fact the rise in the price of gold in India is more due to INR depreciation than demand......
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