The RBI has been buying large amounts of dollars in the foreign exchange market in order to prevent rupee appreciation.
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Dangers of a one-way bet
There is no such thing as one-way appreciation in finance. And rupee or Indian growth is no exception. That economy is doing well is good - but the foreign investors can pull the plug anytime - and with over heated asset prices in India, that anytime could be sooner than we would wish. The best government can do is to increase infrastructure spending.
