As the Reserve Bank of India generated shock and awe in the financial system with its policy measures only a few days ago for tightening liquidity, there was a general expectation that its July 30 review would be a non-event with no dramatic announcements. It was proved correct. The bank should be thanked for not upsetting the apple cart with further measures, even as the results of the earlier ones are panning out. The exchange rate has so far seen up and down movements within a narrow range normally expected of the markets..............
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