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Can India manage the currency turmoil?

New Delhi, First Published Jul 22, 2022, 5:28 PM IST

The one-way journey of the US dollar against most currencies, including the Euro, Yen, Yuan and the Indian Rupee, among several others, reminds me of a Dhanush number a decade ago — Why this Kolaveri… Kolaveri… Kolaveri… Kolaveri Di? Millions seem to be humming the Tamil song at the moment.

The Kolaveri around the dollar rise is hardly fun; it is sending global inflation to levels unheard of, at least in the developed countries like the United States, for several decades. Over nine per cent inflation is so unbearable for Americans that the Federal Reserve is behaving as if it is tasked with putting off wildfires with unprecedented 40-plus degree Celsius temperatures in Europe.

Also Read: EPFO payroll: Provident fund organisation adds close to 17 lakh subscribers in May

Other central banks, including the Reserve Bank of India, are reacting to the hawkish tones of the US…

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