Just imagine if the rupee had been fixed at 50 to the dollar when times were good. Rather than bemoaning a 25% depreciation, we would be in the midst of an economic and social meltdown that would make our current situation look like a picnic.

The bottom line? A world currency might be best. But in our second best world of competing currency zones, the room to manoeuvre that a flexible currency buys us is invaluable. Just ask the folks in Greece. Read More

Jyothi Shankaran

    Jyothi’s last role was as Senior Editor with the business news channel Bloomberg TV India. He also worked as News Editor at business-standard.com, the online version of the business newspaper Business Standard. Jyothi is a chemical engineer from the Regional Engineering College, Srinagar.