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The rupee hit a five-month low and neared its record low after the RBI raised rates 25 basis points to 5.5% and signalled more tightening. Governor Sanjay Malhotra said short-term financial market behaviour can be irrational.
By Dharamraj Dhutia and Jaspreet KalraThe Indian rupee fell to a five-month low and neared a record low on Wednesday despite an interest rate hike and signals about further monetary tightening, with traders saying the policy was not hawkish enough to support the Asian currency.The Reserve Bank of I…