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Raghuram Rajan says rupee weakness is not a panic situation

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Former RBI Governor Raghuram Rajan has downplayed concerns over the Indian rupee's recent decline against the US dollar. The rupee is currently trading at around 85.50 to the dollar, having recovered from a low of nearly 87 in May. The Reserve Bank of India had undertaken capital-raising measures to bring more dollars into the country, which helped stabilize the currency. Rajan indicated that while the situation warrants attention, it does not constitute a cause for alarm.

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