......Both Dr. Rajan’s detractors and admirers may be wrong in their reading of the monetary policy statement. It appears more plausible that Dr. Rajan’s policy stance is aimed at shoring up the rupee ahead of a change in the U.S. Fed’s policy about three months from now. The RBI may find it prudent not to say so for fear of adding to nervousness in the currency markets. It may choose to couch its stance in anti-inflationary terms. But currency stability seems to weigh more heavily on the RBI than its statement would suggest. Sustaining growth also appears to be a consideration...............
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