It has been anything but a boring summer for Indian policy makers. The preference for a desperate orthodox (IMF-style?) interest rate defence of the rupee hints that they have been feeling the heat despite the cooling effect of a good monsoon. It also suggests that they are running out of lasting, non-disruptive and inexpensive options. Ironically, in their efforts to lower speculation, supposedly behind the rupee's recent collapse, poor communication and the convoluted implementation have given rise to higher uncertainty across asset classes. Confusing signals from the government and the central bank have only made the actual defence weaker............
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