........In recent years, the RBI has done just the opposite of what both theory and empirical evidence would suggest. It has consistently devalued from a position of weakness rather than from a position of strength. Former RBI deputy governor, Rakesh Mohan, has forcefully made the same point in a recent interview. So don’t believe me, but at least believe a distinguished former RBI official. Though former governors Bimal Jalan and Y.V. Reddy have not yet opined on the issue, my guess is that they would agree with Mohan. And if you don’t believe all of these distinguished economists and policymakers, just look at what China has done for the last 30 years..........
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