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Why did India's Finance Commission chief Panagariya ask RBI to let rupee bleed past 100?
short by Ashley Paul / on Friday, 22 May, 2026
India's top economist and 16th Finance Commission Chairman Arvind Panagariya asked RBI to let the rupee slide past 100 against the US dollar. He said this was required so RBI avoids burning forex reserves to defend a psychological level. He also noted that dollar-denominated bonds of high-interest NRI dollar deposits were expensive stop-gap measures that benefit overseas investors.
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