India holds back a currency bazooka
The Reserve Bank of India (RBI) Governor Urjit Patel attends a news conference after a monetary policy review in Mumbai, India, August 1, 2018.
Source: REUTERS/Francis
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The rupee is the worst performer in Asia this year, and doubts about the integrity of local shadow lenders are weighing it down further. A decision to keep rates steady acknowledges monetary policy won’t help much. Still, the central bank has a bigger weapon: diaspora bonds.
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