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The rupee is down 13% against the dollar so far this year
The rupee fell sharply against the US dollar on Monday, boosting gains in the last two consecutive sessions. The rupee fell 67 to close at 72.51 against the greenback. The decline came after the government announced the weekend to contain the fall of the rupee and the reduction of the current account deficit, which failed to make the situation more encouraging. The government said on Friday that it would take steps to reduce "unnecessary" imports, loosen foreign borrowing standards for the manufacturing sector, and relax the rules for banks that subscribe to government bonds. massala bonds or foreign bonds denominated in rupees. Analysts doubt that the measures will lead to significant inflows in a negative overall investment climate for emerging markets.
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