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Rupee, afloat
Wednesday, September 24, 2008 www.indianexpress.com
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For many years, while India has claimed that there is a “market determined exch-ange rate”, in reality the exchange rate has been distorted by RBI’s large-scale trading. As is well known in the field of macroeconomics, when a central bank tries to target the exchange rate, this leads to a loss of autonomy of monetary policy. The pursuit of exch-ange rate targets in 2006 and 2007 led to loose monet
Tags :
RBI’s
emphasised
Kamal-Nath
Minister
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