.........In probably his last public speech as RBI governor (he steps down in less than a week), Subbarao said pointing to factors outside India did not fully explain the rupee’s rapid depreciation. “Admittedly, the speed and timing of the rupee depreciation have been due to the markets factoring in ‘tapering’ by the US Fed, but we will go astray both in the diagnosis and remedy if we do not acknowledge that the root cause of the problem are domestic structural factors,” he said, delivering the Nani Palkhivala Memorial Lecture in Mumbai. The title of his lecture was ‘Five years of leading the Reserve Bank; looking ahead by looking back’.............
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