The rupee hit a record low of 83.29 per dollar in that turbulent week, and traders said the RBI had intervened in both the spot and forward markets to contain the slide.
Banks will have to ascertain the foreign currency exposure (FCE) of all entities at least annually, the RBI said, adding the revised rules will be effective from 1 January, 2023.
With US Fed hiking rates, RBI might be pushed to increase its own rates to slow simultaneous fall of rupee & India's forex reserves. But this could also hurt economic growth.
Forex reserves surged to $605 billion in the week to 4 June as the RBI mopped up dollars flowing into the nation’s booming stock market as well as via foreign direct investments.
Peter Manuel's ‘Cassette Culture’ showed the booming Bhakti music during the '80s and '90s when Anoop Jalota, Gulshan Kumar achieved success by singing the sanitised Bhajans.
Economists say there are weaknesses in India’s GDP data. But statisticians claim the accusations are based on flawed understanding, saying while GDP has problems, the economists are looking in the wrong places.
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