Is 72 the right level of rupee vs dollar? It seems so
A greater attention to shrinking India's current account deficit and fiscal health will do the trick for rupee. And the onus for this is on the government, not RBI
On 10 August, the rupee closed at 68.85 to a dollar. On 13 August, in the first 15 minutes after the foreign exchange market opened following the weekend, the rupee was trading at 68.45 on Clearing Corp. of India Ltd’s forex dealing platform. No one realized the rupee had fallen to 69.45! The rates were corrected later with the “big figure" changed to 69.