Everybody loves a forecast and wants to know where dollar-rupee is headed. This is natural because forex is the business of every importer/exporter. Even the RBI conducts a Survey in which it seeks the views of professional forecasters on various aspects of the economy, including the Rupee. Yet, people tend to have very low respect for forecasters. This is not so much because their forecasts tend to go wrong. What people do not like is the lack of sense of accountability displayed by many forecasters, whether in banks, in companies, or outside. Even G Padmanabhan, Executive Director, RBI, lamented this fact at his recent “Goa to Goa” speech on 23rd August......
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