......In the context of the exchange rate, I recently came across a curious paper titled “The Art of Currency Manipulation”, (26 June), by Kaushik Basu, Rajan’s predecessor. From what I could make out, Basu (now the chief economist at the World Bank) blames the “currency manipulator”, whoever he may be, for the volatility of the rupee’s exchange rate, also taking a swipe at RBI (“The central bank and regulator, ….have very little notion of how the currency manipulator works and so have dealt with this problem very inadequately.”)..........
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