.........Finance Ministry sources said the rupee will have to find its “sensible level”, without indicating what that level could be.To restrict the outflow of foreign currency, the RBI had on August 14 announced stern measures, including curbs on Indian firms investing abroad and on outward remittances by resident Indians Mint Street observers noted that RBI has been cautious in selling dollars as the forex reserves (at about $280 billion) could only cover six-and-a-half months of exports. Bankers also said the rupee has not yet reached its fair value and further pressure will be there on the currency. ...............
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