........The next paragraph of the report quoted Subbarao, saying at an event in Frankfurt the previous day, “We certainly will take note of the softening of inflation and the external payments situation in the next mid-quarter policy statement on 17 June.” A Bloomberg report too highlighted the inflation part in the beginning and later said he would take note of both while forming the policy in June. In other words, Subbarao made a general statement that he would take into consideration both the fall in inflation as well as trade but the media—both newspapers and websites—as well as the market chose to listen to only one part of his statement..........
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