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    <title>Impact of FTA on valuation of Rupee</title>
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    <description>FTA implementation correlated with increased imports of raw materials, intermediate and capital goods and higher exports of intermediate and capital goods, reflecting domestic value addition and a plausible positive effect on employment; valuation of the rupee remains contingent on multiple factors, including the balance of trade, so trade composition changes under FTAs are relevant but not determinative.</description>
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