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India issues measures to help economy, currency

06-26-2012 17:51 BJT

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Indian central bank are making measures to prop up its embattled currency today Monday. The policies include raising the limit on foreign investment in government bonds by 5-billion US dollars to 20 billion.

India also cut the lock-in period for foreign investment in certain long-term infrastructure bonds to 1 year from 3 years.

In addition, the country’s central bank has also increased the cap for cheaper overseas commercial rupee loans by a third to 40 billion US dollars, which effectively lowers firms’ borrowing costs.

It also allows new categories of investors like wealth funds, pension funds, insurance funds, and foreign central banks to buy the country’s government bonds.The measures came after the rupee last week posted its steepest weekly fall in 9 months, having slumped to a record low of 57.32 against the US dollar last Friday.

Editor:Wang Xiaomei |Source: CNTV.CN

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