..... With the European crisis far from over, the RBI will have to retain ammunition for the first half of the year or more till foreign investors regain their risk-appetite and start investing in India. We also have to give our exporters enough time to rejig their operations to take advantage of the currency’s depreciation. In view of all this, it would be foolhardy to believe that the worst is over for the rupee. The macro numbers don’t support that view.
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