D. Subbarao

Correcting the Rupee Against Fundamentals Is Ultimately Futile, Says Former RBI Governor D. Subbarao

Former Reserve Bank of India Governor D. Subbarao has argued that attempts to prop up the rupee through short-term intervention are ultimately ineffective if they do not address the deeper economic forces driving capital outflows. He said the currency should be allowed to find its level based on fundamentals, while calling for tax reforms and other structural measures to improve India’s attractiveness to foreign investors.