.............. As if this were not enough, there was further bad news. The rupee was once again in reverse gear, having lost 47 paise on Tuesday to return an exchange rate of 63.71 to a dollar. Since early September, the rupee had begun to stabilise around 61- 62 to a dollar. This was due to certain steps taken by the new RBI Governor, including the opening of a special window for the oil companies to source their dollars for imports of crude and a special interest rate for NRI bank deposits. Additionally, the pressure on the rupee had eased somewhat when the US Fed assured that it was not about to switch off the easy liquidity tap. The RBI has now closed the special window for oil companies and, therefore, necessarily they must now buy dollars from the open market...............
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