Don't fret about the rupee

When the rupee takes a tumble, people start thinking that things are going wrong with the economy. Conversely, if the rupee were to suddenly appreciate, people would take comfort - as they did briefly last year. But the fact is that, at the end of March, when the rupee could be traded at 54 to the dollar, it was overvalued by about six per cent in inflation-adjusted terms.

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