The rupee has lost almost a fourth of its value against the dollar in last one year. This fall has created a chorus of demands from industry as well as sections of the political establishment that the Reserve Bank of India (RBI) should step in and use its foreign exchange reserves to stabilise the value of the rupee. The RBI, on the other hand, has been categorical that it will only step in to curtail the volatility and not to support the value of rupee at some pre-determined price............
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