Re curbs: Shooting the messenger now

Chinese emperors built the Great Wall around the nation, but that did not prevent invasion. The Reserve Bank of India's recent moves to prevent speculation in the currency trade is akin to the Wall, it serves a limited purpose, but may not be a sufficient condition to restore the rupee's strength. That was evident in the way the Indian rupee resumed its slide in the last two days after a spike in value after the central bank imposed qualitative measures, as there are few signs that factors beyond speculation do not support it.

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