Operation withdrawal: Central bank brings growth back on table

Given the central bank’s moves to defend the rupee have backfired badly in the last month and a few days, RBI has done well to signal a less hawkish stance, even a gradual rollback to status quo ante. Along with two rating agencies affirming their existing outlook, dismissing fears that the collapsing rupee would affect economic growth, this should provide some calm to the rupee in the days ahead.

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