Don't fall behind, use the REER
REAL-LIFE PROBLEMS, INNOVATIVE SOLUTIONS
Background: Since India moved onto a freely floating market-driven exchange rate as a part of its economic reforms process, the Reserve Bank of India (RBI) has used the real effective exchange rate (REER) framework to guide its market intervention policies. Thus, every time there was a large deviation, the exchange rate was corrected via market intervention measures, the objective being to maintain trade competitiveness. Empirical evidence also shows that RBI had only allowed REER to fluctuate
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