'Surprise' new weapon for RBI to fight rupee

......The move has been widely interpreted as the central bank’s bid to calm nerves after the rupee breached the psychological barrier of 60 per dollar yesterday. So, without spending a single penny from the country’s foreign exchange reserves, Subbarao halted the rupee’s downward journey, at least for today. The move helped as the rupee recovered some ground, which closed at 60.20/$ as compared to Wednesday’s close of 60.73..............

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