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Summary
The rupee has slipped to record lows, nearing 97 against the US dollar. Elevated crude oil prices and global investors shifting to safer assets are adding pressure. The RBI is considering interest rate hikes and measures to attract foreign investment. The central bank aims to prevent further depreciation and a self-reinforcing cycle of panic in currency markets. Attracting durable foreign capital is the main challenge, requiring structural reforms and stronger investor confidence.
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