What the reserves offer for now is improved import coverage of about 13 months, almost double the 2013 level of less than seven months. And, ammunition to arrest a rapid rupee slide, says Anup Roy.
Analysts have started talking about at least a 25 bps cut immediately.
It is possible that the final Budget architecture may be at variance with the comments.
In a first such action in India's electoral history, the Election Commission had Wednesday ordered campaigning in the nine West Bengal constituencies to end at 10 pm on Thursday, instead of 6 pm on Friday, in the wake of violence between the Bharatiya Janata Party and the Trinamool Congress in Kolkata during Amit Shah's roadshow.
The Reserve Bank of India cut its repo rate by 25 basis points to 6.50 per cent.
RBI's surprise rate cut has revived sentiments of India Inc.
'It was only after D-Day that people believed that I had actually directed Kal Ho Naa Ho.'
The TMC team went there at the instruction of party supremo and West Bengal Chief Minister Mamata Banerjee.
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