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Investors bail out as India currency crisis deepens

Posted on 19 August 2013

Indian policymakers are looking increasingly panicky as they battle the worst currency crisis in more than two decades, and more worryingly there is no sign their remedies are working. The rupee lurched to a new lifetime low of 62.03 to the dollar on Friday while the benchmark share index posted its biggest one-day fall since September 2011.
“None of the policymakers’ Band-Aid measures (from capital controls to tightening liquidity) seems to be working. They have not been able to turn the tide,” Rajeev Malik, economist at investment house CLSA, told AFP. “The government and the Reserve Bank of India are taking fire-fighting measures.”……………………………………….Full Article: Source


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