The rupee is getting weaker against the dollar and RBI did intervene in the market, Perhaps a better gauge would the tanking of the $INR from 54 to 61. I would attribute the wealth lost in that fall entirely to UPA & Pranab Da.
It is not end of the world or the INR. Just a part of the process by which markets discover price & force policy makers 2 revert 2 virtue.RBI should note that those Industrialists crying about the $INR are precisely those who add no local value but enjoy a protected market.
In the mean time just thought of sharing some basics from RBI : –
Narrow Money (M1) This is a fortnightly compilation. It consists of:
Currency notes and coins with the public (Excluding cash on hand of all banks).
Demand deposits (excluding inter-bank deposits) of all commercial and co-operative banks.
‘Other deposits’ held with the Reserve Bank of India (excluding balances in Account No. 1 of the International Monetary Fund, the Reserve Bank of India Employees’ pension, Provident and Guarantee Funds and ad hoc liability items which arise from time to time)
It consists of:
Savings deposits with Post Office Savings Banks.
M3 It consists of:
Time deposits of all commercial and co-operative banks (excluding inter bank time deposits)
M4 It consists of:
Total deposits with the Post Office Savings Organization (excluding National Savings Certificates).
L1 This is a Monthly Compilation. It consists of:
M3 + All Deposits with the Post Office Savings Banks (Excluding National Savings Certificate).
L2 This is a Monthly Compilation. It consists of:
L1 + Term Deposits with Term Lending Institutions and Refinancing Institutions (FIs) + Term borrowing by FIs + Certificates of Deposit issued by FIs
L3 This is a Quarterly Compilation. It consists of:
L2 + Public Deposits of Non-Banking Financial Companies.