Forex: 20 years of pride & prejudice

.....Then, from 1991 to 1997 the forex market was stewarded through a process of LERMS, unified exchange rate and managed float (old timers would remember the famous 31.37 rate) and trade account convertibility into a floating rate regime by stalwarts such as O. P. Sodhani, S. S. Tarapore, Shyamala Gopinath, Usha Thorat, G. Padmanabhan and Y. V. Reddy. It was a period of pride (and some prejudice) as the RBI won plaudits the world over for piloting India’s external sector through turbulences.......

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