Falling Re isn’t just pinching, it’s hurting all of us badly

The rupee fell to a new low of 61.21 on Monday, raising the spectre of high inflation and threatening to throw government finances into disarray. A jiittery Reserve Bank of India (RBI) sold dollars and cracked down on speculation to bring back the rupee to 60.62 at close—up from 60.26 on Friday. 

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