.......On its part, the Reserve Bank of India is firm on its policy of intervening in the foreign exchange markets only to curb excessive volatility. In fact, the Reserve Bank seems weary of a depreciating rupee fearing that a weaker rupee will worsen the problem of inflation. The view seems to be demand for imported oil, fertilisers and coal being rather inelastic, no useful purpose will be served by a weaker rupee. There is enough room to disagree with the view............
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