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BNY Floats Fiscal Rescue for the Rupee as Mumbai Weighs Options MALE / MUMBAI bureau — Bank of New York Mellon has put a different idea on North Block's desk this week: stop asking the Reserve Bank to do all the heavy lifting for the rupee, and start asking the finance ministry instead.
In a client note circulated to institutional desks across the region, BNY's strategists argue that a pair of fiscal moves — a targeted income-tax cut for middle-income households and a temporary waiver on crude oil import duties — could give the currency the kind of support that no amount of dollar-selling by Mint Street can deliver on its own.
The pitch matters across the Indian Ocean rim.
A rupee that prints fresh lows every other week ripples directly into Colombo, Dhaka and Male, where importers price kit in dollars and settle invoices through Indian banking corridors.
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