.............If at all any lesson is to be learned from this latest episode, it is the criticality of giving the RBI a single point agenda and mandating it to attain that. The RBI titled its measures as meant to “address exchange market volatility”. Since volatility can be measured, it would help greatly if the RBI were to state its objective in quantitative terms. The market can then draw its own inferences as to whether more measures are needed or not. The scope for confusion would be greatly reduced.....................
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