India pledges to pursue a less restrictive FX strategy
NEWS
Traders welcomed the announcement, but warned the country had some way to go before achieving full convertibility.
"The government will have to consider liberalising interest rate markets, exchange rates and capital accounts. It will take time for changes to happen," said Gordon Lau, a senior trader at Standard Chartered in Hong Kong. "For example, China has just started liberalising interest rate markets. It's a step-by-step fundamental process."
India made progress last year by setting up a
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