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Officially, the Indian rupee has a market-determined exchange rate. However, the Reserve Bank of India trades actively in the USD/INR currency market to impact effective exchange rates. Thus, the currency regime in place for the Indian rupee with respect to the US dollar is a de facto controlled exchange rate.
It will instead be financed at a 2.4% interest rate [255] after China agreed to reduce interest rates from an originally planned rate of 3.4%. [ 256 ] The $44 million Pakistan-China Fiber Optic Project , an 820 km long fiber optic wire connecting Pakistan and China, will be constructed using concessionary loans at an interest rate of 2%, rather ...