A common currency for South Asia to end rupee’s woes

............The falling rupee is treated as a problem of the finance ministry and the Reserve Bank of India, and not as a national crisis; not as an issue that affects India’s self-worth and standing abroad. Foreign policy and diplomacy are increasingly driven by economic objectives. Curiously, the Indian rupee’s fate never figures in our ‘External Affairs’. The government is able to do nothing to raise the strength and stature of the rupee to match India’s international profile. At the least, the government should be able to make one other country feel affected by the rupee’s fortunes. Far from that, even Indians are sold on the dollar when they see no future for the rupee. Yet, this crisis could be an opportunity for India to re-float the idea of a common currency in South Asia..................

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