...The gold policy seems to be working, at least temporarily, as imports decreased 74 percent year-on-year in August. In addition to implementing other policies such as new restrictions on outward direct investment by Indian entities, India has made strides in decreasing the current account deficit and recovering the ailing rupee. However, foreign investors have started to question the Reserve Bank of India (RBI), whose efforts to promote stability are hurt by ever-changing policies at a time when the currency needs credibility and predictability...........
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