Subbarao has had the misfortune of having to serve under a government that has been the most incompetent
In 1997, the US dollar-Indian rupee exchange rate was stable in the first half of the year. The US dollar traded at slightly below Rs36 until about mid-August. Then, with the Asian economic crisis slowly intensifying, the US dollar gained in strength against the Indian rupee. It does not matter whether it gained more or less strength against the Indian rupee than against other Asian currencies. By 15 January 1998, the US dollar had appreciated to around Rs40.65. On 16 January 1998, the Reserve Bank of India (RBI) announced several measures. One can find them at http://bit.ly/19cZ4Pm.
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