RBI came out with a slew of measures today to arrest the Rupee fall. The piddly nature of the slew meant that markets tanked, and the Rupee hit a fresh low. Actually the steps announced by Mr. Rangarajan (RBI top honcho) reminded me of the battle scenes from Ramayan telecast on DD in the 90s. The battle lines are drawn, and the crowd is expectant. Mr. Rangarajan lifts his bow and lets outa slew (the third slew in this para) of arrows. The arrows fly in tandem towards the market. (music dhanadang dhanadang dhanadang in the background) Before reaching the target, the arrows stop and fall in one shot. Camera zooms back to Mr. Rangarajan who bangs his chariot in disgust and disappointment.
C'mon, if these are the aces up your sleeve at least don't make any grand announcement that we are going to take some majjjor steps. Just announce in a business as usual manner. Without the pressure of expectation built in, markets might take to them in a kinder fasion.
That said, in the blue corner, headlines declare that analysts' consensus estimate is that the Rupee will fall to 60. (This time I'm tempted to join them. That would complete a bear picture.) But you know what the usually means, correct?
C'mon, if these are the aces up your sleeve at least don't make any grand announcement that we are going to take some majjjor steps. Just announce in a business as usual manner. Without the pressure of expectation built in, markets might take to them in a kinder fasion.
That said, in the blue corner, headlines declare that analysts' consensus estimate is that the Rupee will fall to 60. (This time I'm tempted to join them. That would complete a bear picture.) But you know what the usually means, correct?
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