......The rupee has, like other non-dollar currencies, seen a fairly significant rally both in the build-up to QE3 and in the wake of the announcement itself. The fact that the QE3 news came on a day when our own government decided to announce fairly hefty increases in fuel prices just added to the currency’s momentum. If the Reserve Bank of India (RBI) decides to reciprocate this fiscal initiative with a cut in the repo rate, more appreciation could be on the cards as investor sentiment gets another boost. But how high can the rupee go?......
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