No panic about the rupee

The rupee has hit historic lows against the dollar in recent weeks, leading to widespread expressions of concern about what that means for the Indian balance of payments and the economy more generally. Some of these concerns are overblown, and there is no need to panic. India's external accounts look far more secure than they did during the "taper tantrum" of 2013. One big reason for that is that foreign exchange reserves are definitely in the comfort zone. They had dipped below $300 billion in 2012-13, but in 2017-18 they were $424 billion. The current account deficit, too, rema.....

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