Deft external management

.....That threat has receded, even as the special swap windows for FCNR(B) deposits and overseas borrowings by banks opened by the RBI have mobilised $34 billion in the last three months. These facilities, mainly targeted to attract Non-Resident Indian money, have done more to turn the tide and stabilise the rupee than what any IMF or World Bank programme would have achieved. But this is only the first step. A lasting solution to....

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