........The central bank should forget the political argument for a strong rupee and focus instead on building export competitiveness and macroeconomic stability. There is no case for a capital flow-led currency appreciation. But there is a clear need to take an “official weak rupee policy”. This will help the corporate sector avoid misadventures of the boom years when huge monies were raised from foreign currency convertible bonds and external commercial borrowings in anticipation of continuous rupee appreciation. There is no need to take a position on the extent of depreciation that RBI is going to aim for in a particular year. A weak currency policy does not mean a policy of a depreciating currency. If ......
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