A rupee dogfight is pointless

There are many, many things going wrong in Indian economic policy. But the rupee was the wrong place to look to pick a battle. The cost-benefit ratio of such a fight does not make sense. The damage caused by waging a war on the rupee dwarfs the near-zero impact that was obtained. It is better to let the market choose the exchange rate, and focus government upon things that only government can do.

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