Don’t try to control the rupee

.....When the rupee moves, there are gainers and losers. Among the gainers are those who export to the world. Figure 2 shows the real effective exchange rate of the rupee. This shows that the rupee has not appreciated like the Chinese renminbi has, or depreciated like the South African rand has, but roughly remained stable. The real effective exchange rate is what determines export competitiveness. There has been domestic inflation in India, and what has kept Indian exports competitive is the rupee depreciation. If like the Chinese currency, the rupee had also not depreciated, today Indian exports would have been even less competitive...........

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