..............The RBI governor has indicated that there would be a calibrated relaxation of its July measures once the rupee stabilizes or at least till volatility is contained. There is a good chance of that once FII investment returns, something that will happen with the continuation of quantitative easing by the U.S. Fed. But the rupee is weak and should not be propped up by ad hoc measures. The sooner the RBI unwinds its tight grip on liquidity, the better it would be for the rupee to find a stable level and for growth to pick up.
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