In a recent article (October 19, 2009), Financial Times quoted Tim Adams, former under secretary for International Affairs at the US Treasury, as saying: “The exchange rate is the tail on the dog. If you get the fundamentals right, the exchange rate will follow over time.

<p><table width='100%' border=0 cellspacing=0><tr><td style='FONT-FAMILY: Arial; FONT-SIZE: 18px; FONT-WEIGHT: bold; COLOR: #0253B7;'><B>A V Rajwade:</B> Managing G3 currencies</td></tr><tr><tr><td style='FONT-FAMILY: Arial; FONT-SIZE: 11px; '>A study by US

<b>A V Rajwade:</b> Managing G3 currencies

A study by US NBER has found that reduced exchange rate volatility sharply increases global trade volume.

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