mixed reaction, market should digest it. but its will definitely not go up.
but the thing is retail inflation is at disastrous level. middle class have to pay for this.
I can clearly see india loosing battle with the china in economic war. they are 8x stronger now then us economically.
add: one more thing i would like to add here, currency traders can make some killing here as it is clear that RBI is buying dollar to build up its Forex reserve
that is why we are seeing rupee depreciating against dollar. my guess is that they want to use this bazooka against FDI outflow.