Rupee crisis: A year on

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On August 28 last year, the rupee hit its historic low of 68.85 a dollar, amid uncertainties over the US Federal Reserve's tapering of its monthly bond-purchase programme. The rupee's woes were compounded by widening of fiscal and current account deficits - both were at record highs. On September 4, at a time when the rupee was the worst performer among Asian currencies, Raghuram Rajan took charge as RBI's governor. A slew of measures that he announced for attracting inflows helped improve sentiment. With these steps, the rupee's fortunes also turned. Business Standard looks at the situation a year ago and compares it with now.