...................Mohanty, who is part of the monetary policy department at RBI, summarised the multi-pronged response by the country on trade, capital flow management, currency intervention and monetary policy fronts. "There is a need to use multiple instruments, including drawdown of foreign exchange reserves, monetary tightening, augmentation of reserves and administrative measures to dampen speculative outflows and encourage inflows to stabilise market conditions," he said. "At the end it is difficult to say what worked and what did not work and how best to sequence these policies; but surely once the pressure abates it is important to reverse extraordinary measures to reinforce market confidence." .........
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