Despite the rupee's decline, the country still has ample foreign exchange reserves to cover any potential problems with debt service, it said.
"According to historical data, only the worst global recessions are associated with negative oil demand. However, throughout every recession, oil prices decline to around the marginal cost "In a note, analysts at Citi stated.
The largest business deal in Indian history, the proposed merger of HDFC and its banking arm HDFC Bank, has been approved by stock exchanges.
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