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Rupee at 63: RBI sees long winter in currency battle

Posted on 21 August 2013

The Reserve Bank of India appears to be preparing for a long winter as far as the domestic currency is concerned as it let the rupee slip past 64 level to touch an intra-day low of 64.13. The central bank also said that banks can avoid making provisions for fall in the value of government bonds that was triggered by its measure to support the rupee.
Bankers said relief on provisioning norms will insulate bank balance sheet from losses arising out of measures to protect rupee. The buyback of long-term bonds through open market operation will bring down long-term yields to avoid stunting growth even as sale of cash management bills keep shortener liquidity right………………………………………..Full Article: Source


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