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Yes, the rupee can appreciate more

In this world of new 'normals', going past gauges of overvaluation might just be a lost cause

Abheek Barua & Bidisha Ganguly 

Abheek Barua & Bidisha Ganguly Quite a bit of economics is unfortunately about zero-sum games. Portfolio investors in India clearly have reason to cheer but on the flip side exporters have reason to fret. A restrained current account and a flood of capital flows have trapped the rupee in a narrow range. Forecasters including ourselves are slowly reconciling to the prospect of medium-term rupee appreciation. A number of things have happened to break the pattern of orderly depreciation of the Indian currency over the last couple of years. First, the dollar seems to be slipping into a phase of secular decline and ...

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First Published: Sun, July 30 2017. 22:40 IST
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