.....What actually surprised me was his comment that the Reserve Bank of India (RBI) Governor would announce fresh steps to shore up confidence in the financial markets. I know for sure there is hardly anything RBI Governor D. Subbarao can do to protect the rupee from depreciating further but then nobody can rule out anything when a situation is as alarming as it has turned out for the Indian currency in the last two weeks. All eyes are now again on Subbarao to pull a rabbit out of the hat. To be fair to the bureaucrat-turned-central banker --- and a non-economist --- there is absolutely nothing left in his armoury to arrest the rupee slide against the US dollar in view of weak fundamentals back home and a strong dollar.......
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