....This exchange rate policy is advisable in ideal conditions, but the present conditions are a lot different from those that find mention in the textbooks. The exchange rate policy, therefore, needs a critical examination. Writing in The Hindu Business Line on 24 January, former Deputy Governor of RBI S.S.Tarapore noted: “With the inflation rate persistently above that in major industrial countries, the rupee is clearly overvalued. Adjusting for inflation rate differentials the present nominal dollar-rupee rate............
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