Economists had widely expected him to leave the repo rate untouched. Raghuram Rajan thought otherwise, and implemented a 25 basis point hike. The RBI Governor, however, reduced the Marginal Standing Facility (MSF) rate by 75 basis points to 9.5% and reduced the daily maintenance of CRR from 99% to 95%, effective September 21. Will these moves meet the twin objectives of controlling inflation and strengthening the rupee? How would you rate Rajan's first policy announcement?
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