Governor’s first day

........Somewhat uncharitably, the RBI under outgoing Governor D. Subbarao was seen as market unfriendly — totally focussed on inflation without heeding growth considerations, besides not being able to contain the rupee’s fall. Thursday’s rise in the value of the Sensex and the rupee suggests market intermediaries expect a change in approach. However, for all the positive vibes the new governor appears to have created, Dr. Rajan is bound to be wary of the reception he has received. ............

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