Recent measures by the Reserve Bank of India and the Securities and Exchange Board of India are being seen by observers as an attempt to reverse the inexorable decline of the rupee. Some of them see these measures as too little, too late. Others are more of the view that anything that can be done must be done; this is no time for squeamishness or purism. Admittedly, these moves - essentially attempts to impose limits on potentially speculative positions by banks and other market participants, which could reinforce the downward pressure - do appear to be rather skimpy................
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