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    <title>Macroeconomic and Monetary Developments - Third Quarter Review 2013-14</title>
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    <description>Reserve Bank of India tightened liquidity and raised the MSF rate to defend the rupee during capital outflows, used forex swap windows and import-side measures to reduce gold and import demand, and then normalised exceptional measures as buffers were rebuilt. The CAD fell sharply and reserves were restored; monetary stance remained tight with the policy corridor restored while variable-rate term repos, OMOs and a refinance facility were deployed to manage liquidity and sectoral stress amid persistent inflation and weak investment.</description>
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