......The ministry’s chief economic adviser, Raghuram Rajan, said authorities, including the RBI, the SEBI and government, were ready to act if needed to stop a runaway currency market. Rajan argued that the extent of the rupee’s slide had taken it into undervalued territory. On a trade-weighted basis, however, the rupee is fairly valued to slightly over-valued. In real effective exchange rate (REER) terms, the rupee was at 105.74 in May against six of its key trading partners, above the 100 that denotes fair value.........
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