........ While it is not certain that this will stabilise the rupee, the current policy clearly isn’t—a return to status quo ante, on the other hand, may just have a positive impact since a return to reasonable liquidity can help stabilise consumer demand to some extent and lower pressure on corporate balance sheets. Even if it doesn’t, incoming Governor Raghuram Rajan needs to jettison the current policy for a variety of other reasons. Come September 30, if bond yields stabilise at even current levels, banks could be looking at mark-to-market losses of nearly Rs 50,000 crore—...........
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