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May 23, 2012, 11.28 AM IST
Direct sale of dollars by the Reserve Bank of India to state-run oil companies should not be ruled out, the chief economic adviser to the prime minister said on Wednesday, after the rupee plunged to another record low.
Speaking to CNBC-TV18, C. Rangarajan also said that any special overseas bond sale backed by the government should not be aimed at meeting short-term capital flow needs and should be done only after perception about the rupee improves. The rupee hit an all-time low of 55.84 to the dollar on Wednesday, before suspected RBI intervention pulled it back. (Reporting by Subhadip Sircar & Swati Bhat in MUMBAI; Editing by Ranjit Gangadharan)
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