....The only hope for the INR is interest rates coming off in the economy. The question is how will interest rates come off? The RBI can reverse its tightening policy but markets will be too worried on any reversal of steps to bring down bond yields. Banks will hold back any cut in lending rates as their nerves are shattered by the RBI’s moves. Markets have absolutely no faith in the government taking the right decisions even if the government is actually trying to do the right things for the economy...........
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