How can Reserve Bank of India help in bringing down the Foreign Exchange Rate which is very high?
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Stronger rupee would hurt exporters while Weaker Rupee will create problems for India's current account.
The best practice would be to keep Rupee stable. When Raghuram Rajan became Governor of RBI, he was committed to keep rupee stable in the range of 58-62. And he has been quite successful in doing so.
When Rupee moves out of this range, RBI buys or sells forex to bring rupee back on track.
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