....... The exchange rate is the most important price of the economy. The decontrol of this exchange rate is the biggest achievement of the UPA in economic reforms. The credit for this goes to YV Reddy and Rakesh Mohan (who took the first two steps of doubling exchange rate flexibility twice) and to Dr Subbarao (who got out of trading on the currency market, which did remarkably little to INR/USD volatility)..............
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