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India's twin current account and fiscal deficits have also alarmed economists and punished the rupee. The central bank on Thursday ordered exporters to convert half their local foreign exchange holdings into rupees within two weeks, a move designed to bolster the falling currency. New Delhi's failure to enact big ticket reforms, like easing foreign investment restrictions in retail and aviation, has disappointed investors. Investors have also been spooked by corruption and punishing regulatory shifts in India's telecom sector and a retrospective change in tax law that could cost companies like Vodafone billions of dollars.
[Associated
Press;
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