On October 5, when the Reserve Bank of India (RBI) announced its last bi-monthly monetary policy after a three-day meeting of its monetary policy committee (MPC), the rupee touched a low of 74.22 to a dollar, before closing at 73.77. Within a week, the local currency lost even further — 74.48 to a dollar.
Last week, it ended at 69.60. The price of crude has dropped 30 per cent since October 5 — from $84.16 a gallon to $58.80, its one-year low. The yield on 10-year paper which closed at 8.04 per cent on October 5 (after a high of 8.25 per cent in September), last week ...
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