On a downhill course

.....Amidst all these, there have been very few explanations from the Reserve Bank of India and the government, which can be considered original. It is this apparent helplessness as much as the actual fall that is truly baffling. One must remember that the recent rupee-dollar movements are being dictated by market forces and not induced by any RBI action. Recent declines, unprecedented as they are, have left policymakers nonplussed and scrambling for rational explanations. Failure to identify specific causes, in turn, suggests that countervailing policy measures, even if feasible at all, cannot be effectively targeted within a given time span.........

Read - The Hindu