.........But the cost of the tapering talk has been huge. The RBI has depleted its foreign-exchange reserves in trying to fight the flight of precious dollars from Indian shores. Indian stock- and bond-market investors lost heavily. Financial-planning models went for a toss as investors tried to salvage their losses and re-work plans. Nobody denies that the tapering has to come to an end. But everybody was forecasting that there would be slower bond purchases, reading into the statements of the US Fed chairman. Markets had started to factor in such slower bond purchases.............
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