The Queen had only one way of settling all difficulties, great or small. "Off with his head" she said, without even looking around. This is just not from Alice in Wonderland but also from the Indian Currency market where the local currency is hostage to massive speculation and an appallingly inept policy response, where micro management rules the roost.
Rather than addressing structural issues - which could lead to short term aberrations in the external value of INR - we have been handed harsher measures that will only exacerbate the miseries of the common man aka the SME sector of the fragile indian economy. It is easy to criticise and blame individuals or departments, but as long as there is a solution in sight one can wish away the cribbers' tribe....
Levels are just numbers. From the looks of it, it will be 61 tomorrow and 63 by the end of the week. Then some face-saving measures which will bring it back to 61.. life goes on.. very fortunate to be an NRI..
