.........Looking back, the one cardinal error committed during Duvvuri Subbarao's tenure as Reserve Bank of India (RBI) Governor has been not to sufficiently stock up the country’s foreign exchange reserves when the situation permitted it. This is unlike previous Governors, especially Y.V. Reddy and Bimal Jalan, who utilised every available opportunity to add to the reserves, which could serve as insurance against speculative attacks mounted on the rupee. The absence of such a war-chest has never been felt as much as now, when all that the Government and the RBI can do is to watch from the sidelines as the rupee is being subjected to an unprecedented bear attack.............
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