Raghuram Rajan did what D Subbarao tried and failed- to prop up the rupee. What was the clincher for Dr Rajan then, that in a matter of days he helped stem the massive rupee fall? According to ICICI Bank non-executive chairman KV Kamath, the Reserve Bank of India or RBI earlier made the mistake of saying it did not have the tools to defend the rupee, but Dr Rajan's strong policy stance helped the currency recover................
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