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India eyes steady steps, not "big bang", towards freer rupee

Reuters  |  MUMBAI 

MUMBAI (Reuters) - India is taking steady steps towards an increasingly free currency, Reserve Bank of India governor Raghuram Rajan said on Tuesday, but it will avoid a "big bang" liberalisation.China's accession to the International Monetary Fund's benchmark currency basket on Monday was seen as a victory for Beijing's campaign for recognition, and puts the yuan alongside the dollar, euro, pound and yen. Some economists say it was also a blow for India, an economy that was at virtual parity with China in the early 1980s but is now a fraction of the size."We are steadily moving towards being ...

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First Published: Tue, December 01 2015. 14:17 IST