........... Ideally, the RBI should not go by the market rate of exchange since it would then be only validating it. It should be at a level that it considers reasonable. The objection will be that it will give an idea of the Bank's view on the normal exchange rate beyond which it will intervene, something that it has denied all along. So what? It is good if it brings down the rate from today's stratospheric levels. After all, that is the objective of the swap arrangement................
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