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.
Many believe that the 2008 financial crisis that forced the iconic US investment bank Lehman Brothers Holdings Inc. to file for bankruptcy was not a global financial crisis; it was just a Transatlantic financial crisis, perpetrated by the US subprime mortgage calamity. Giving it a “global” tag was part of the propaganda of the developed markets to dilute their responsibility although the rest of the world had nothing to do with it.
Urjit Patel completes his second year as Reserve Bank of India (RBI) governor on Tuesday. Not too many finance ministry bureaucrats seem to be fond of him. Ditto bankers.