......The tide began to turn in early September with the new Reserve Bank of India (RBI) governor's confident and well-considered initial policy statement on September 4, including the announcement of swap facilities to banks for foreign currency non-resident (bank), or FCNR (B), deposits with maturity of three years and over at a rate of 3.5 per cent per year. This quasi-exchange rate guarantee soon triggered fresh inflows. Within days of this initiative, ..........
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