Given the general anti-globalisation stance of the US President-elect, and the negative portfolio capital flows to India in the last few months, one was hoping for some analysis of the issue in the Reserve Bank’s Financial Stability Report published last month: there was little beyond innocuous comments, recounting some numbers. Nor has the new governor said much on the subject beyond repeating the usual mantra of “intervention for curbing volatility, no targeted level”. His two predecessors seem to have used the exchange rate policy more as an anti-inflationary measure than to optimise growth, output and employment creation. The latest six-country
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