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RBI's move on rupee: Markets should be prepared for near-term pain
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Deputy chairman of the Planning Commission, Montek Singh Ahluwalia , believes the market was not “surprised” by the short-term “necessary” measures taken by the Reserve Bank of India (RBI) to curb rupee volatility. He said the market should be prepared for near-term pain, but adds, that growth is unlikely to be affected in the long run."It is important for the RBI to signal that it is defending the rupee. Overshoot of the rupee fall over 60 against the USD can have a negative impact on growth,” said Ahluwalia.

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