In defence of a strong rupee

On a cool late winter evening 20 years ago, India's finance minister pulled a rabbit out of the hat. Dr Manmohan Singh was delivering his second Union Budget on February 29, 1992. The first had been an interim Budget on July 24, 1991, to stitch together an economy battered by near-financial bankruptcy with 67 tonnes of treasury gold mortgaged by the Indian government to the Bank of England and the Union Bank of Switzerland under the stern gaze of the International Monetary Fund.

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