Monday, July 15, 2013

RBI Raises Interest Rates to Defend Rupee
India’s rupee fell to a record low on July 8, weakened by the slowest economic growth in a decade and a record current-account deficit. The Reserve Bank of India (RBI) responded today by increasing the marginal standing facility and the bank rate from 8.25% to 10.25%, and said it will conduct open-market sales of government bonds of $2 billion on July 18.

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