RBI cuts overseas investment limit by three quarters

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The Reserve Bank of India (RBI) has unveiled a cut in the amount that companies and individuals are allowed to invest abroad, from 400% to 100% of an investor's net worth – the latest in a series of recent moves by the central bank to shore up a currency that is currently trading above 61 to the dollar, compared to 54 in March.

The RBI announced the new limit for overseas direct investment (ODI) yesterday, following a speech by Indian prime minister Manmohan Singh marking the 66th anniversary of

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