Indian Economy
Devaluation of a currency means

all of the listed here
fall in exchange value of a country by market forces
reduction in currency value due to wear and tear
reduction in external value/exchange value of currency by the government

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Indian Economy
If the RBI adopted an expansionist open market operations policy, this means that it will

buy securities from non-government holders
sell securities in the open market
offer commercial banks more credit in the open market
openly announce to the market that it intends to expand credit

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