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Was the rising trade deficit a reason for RBI’s hawkishness?

Non-POL imports have been rising sharply while exports are likely to be affected by the slowdown in the advanced economies

August 10, 2022 / 10:49 AM IST
Was the rising trade deficit a reason for RBI’s hawkishness?

Several commentators have pointed to the multiple references to the currency in the RBI governor’s statement on monetary policy. While the governor asserted that the rupee’s depreciation has been modest compared to most other currencies, at the same time the July trade deficit has surged to a historic high. True, analysts have said that the record deficit is probably a one-off, the result of lower exports because of windfall taxes on the export of petroleum products. That may be correct,...

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