.......Indeed, it was none other than Dr D Subbarao who said at his I G Patel memorial lecture at the London School of Economics earlier this year that the classical interest-rate defence of a currency might not work in India due to this peculiarity. The outflows of money and consequent 13 per cent depreciation in the rupee that we have seen since July 15 have more to do with expectations of a solvency crisis in the financial sector, rather than interest rate differentials........
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