..........“With good rains set to douse agflation, there is a strong case for monetary easing in our view. At the same time, the RBI may not want to court controversy by cutting repo rate if INR [Indian rupee] volatility persists. A CRR cut should help bring down lending rates by improving bank liquidity,” the bank said in its latest report. “We expect [the RBI] to cut the CRR on July 30, if INR remains volatile. This, in turn, will allow it to improve bank liquidity and bring down lending rates. At the same time, the RBI is unlikely to take any chances with the INR as the import cover of its foreign exchange reserves have halved to seven months in the past four years,”..........
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