The last few months of former Reserve Bank of India (RBI) Governor D Subbarao, who was at the helm of affairs between 2008-2013, were most tumultuous. The value of Indian rupee against the US dollar had a free fall, touching an all-time low of 67-68 against the US dollar during August 2013. The speculators were betting on a further fall to 70 and beyond. That was the time when celebrated economist Raghuram Rajan, who was then the chief economic ...
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