Fall guy

Finance Minister P Chidambaram is good at talking up the markets, but recently it proved counterproductive. After the rupee hit a new low earlier this week, Chidambaram met his senior officials to discuss the issue. By the evening, the finance ministry had sent out an invitation for a press conference by him the next day (June 13) at 10 a m. From the media to the markets, everybody assumed that the conference was called to make some announcements on the rupee. Since this did not happen, the rupee only fell further.