I find it sad that FX intervention has to be reached for in India. When reserves are finite, and the numbers are in the public domain, it is very difficult to see this strategy working successfully on its own. Intervention can really only be justified as a viable option when it can buy time for the fundamentals that are causing the selling, to change; but, the authorities are under huge pressure to ramp up their response to the crisis, and their options are limited. OR... you could hopefully ha…
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