SquareShooter

Why should I be writing any on this when the chapter is over and everyone from top economists to Bollywood stars have expressed their views. Just pouring my thoughts out and nothing else. First, when Raghuram Rajan’s appointment was announced as the Governor of Reserve Bank of India Subramaniam Swamy and his supporters started a campaign saying Rajan was an American citizen and hence should not be allowed to occupy one of the most important posts in the country. If Raghuram Rajan was indeed an American citizen either at the time of appointment or was found so later when the party supported by Swamy came to power, how difficult was it for them to establish that and sack him. Is this country so poor with its record keeping, that a simple fact like Raghuram Rajan’s passport could not be verified. Rajan said he has always held only Indian passport and didn’t take any other citizenship ever. Our MEA cannot verify if this is fact or not in a day? If Rajan was accused of...

Today, we have built up a $6 billion backlog payment and clearing them slowly trying not to disrupt the markets. Recalling the forex crisis of August 2013 MH0100 India eyes raising Iranian crude imports to curtail  dollar  outflows Mumbai (Platts)--30Aug2013/609 am EDT/1009 GMT      India is looking at increasing crude  oil  imports from Iran in an effort to curtail US  dollar  outflows as the country struggles to reduce its current account deficit and arrest the depreciation of the rupee, official sources said this week.          At the same time, India could be looking to settling trades with Iraq in their respective currencies.                Oil  minister M. Veerappa Moily told reporters in New Delhi earlier this week that part of the plan to save $22 billion in the country's  oil ...

India's central bank begins selling  dollars  to state-owned refiners Mumbai (Platts)--28Aug2013/238 pm EDT/1838 GMT      Reserve Bank of India late Wednesday said will will open a foreign exchange  swap  window to meet the entire daily US  dollar  requirements of the three state-owned refining and marketing  companies .      The move by the central bank is aimed to control volatility in the currency markets by selling  dollars  directly to state  oil   companies  who need the currency to pay for imported crude.      Indian currency fell to a record low of Rupees 68.8 to the  dollar  on Wednesday, down Rupees 2.56 from Tuesday. The rupee has depreciated by about 24% in the last three months.      "On the basis of assessment of current market conditions, Reserve Bank of India has decided to open a forex...