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India central bank chief exit speculation fuels confusion

Rupee steadies but investors remain anxious over RBI independence

Speculation over Reserve Bank of India Gov. Urjit Patel's possible resignation has been sparked by critical letters from the Modi government to the central bank.   © Reuters

MUMBAI -- The head of the Reserve Bank of India has come under further political pressure after a key ally of Narenda Modi's ruling BJP party called on him to work with the government or quit.

The call by the Hindu nationalist group that is the parent of the BJP came after intense speculation in India over the future of Urjit Patel as RBI governor and rising concerns over the independence of the central bank.

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