........ Contributing to the recent phase of rupee stability in the last couple of months were measures which the Reserve Bank of India (RBI) had taken, particularly in terms of weeding out unnecessary speculative demand for the US dollar, thereby creating a buffer. In addition, a good amount of foreign portfolio flows were coming into India. Of course, an underlining factor playing an important role in the currency market is the hope of a stable government coming to power. While in equity markets this desire is being reflected in movement of indices, with a majority of players being physically demonstrative about it, this is not the case with currency market stakeholders. They are........
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