.............On the central bank front, I have found two key changes reassuring. First, the frequency of communication has reduced. This, I have learnt from experience, helps rather than hurts in times of severe crisis. The more the number of sound bites from policy makers, the greater is the scope for confusion and the consequent volatility in the markets. Second, the bulk of the communication from the central bank on the rupee and markets has been coming from the Governor, and not from his deputies. While the central message has not been any different from the past - that it is somewhat pointless to lean against the hurricane of a pan-emerging market currency sell-off - the fact that it has come from the top boss has made a difference.............
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