Good news to see significant rebounds in the value of the Indian Rupee and the Sensex after the appointment of the new Governor. The currency move will have been accentuated by a nicely orchestrated piece of intervention, sensibly timed to make the most of a change in circumstances. As I have emphasised before, intervention timed like this is effective because it backs up other factors that the market consider positive, and the first actions of this technocrat Governor have provided that boost. …
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