.......Earlier this week, in an interaction with business publications, RBI governor Raghuram Rajan said that reserves cannot buy a country immunity from volatility in global currency markets and at best will prevent second round impacts of that volatility. “Reserves are useful to have but they come at a cost… and we are financing another country. Should we be financing another country when we have significant financing needs?” Rajan argued. He went on to add that.........
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