Rupee @72: When Goldilocks was mauled by a bear
Former RBI governor Y.V. Reddy had talked up the rupee during the 1997 Asian financial crisis. Governor Urjit Patel would do well to take a leaf out of Reddy's book
The Goldilocks period of calm for the Indian rupee in 2017 is now just a distant dream, with the currency plummeting 13% this year. One look at the latest balance of payments data shows why the rupee has suffered. The current account deficit (CAD) was 2.4% of India’s GDP as of June this year, unsustainable in the eyes of investors.