This refers to the edit “Riding out the storm” (September 27). Though the current decline of 11.4 per cent in the dollar value of rupee is heartening news for exporters, it certainly spells doom for importers. However, the rupee can no longer be expected to remain immune to international jolts. The Reserve Bank of India can do little to contain the damage and even interest rate hikes may not produce the desired results. However, the present situation, which is possibly the outcome of the rising demand for dollars by Indian companies as a safety measure, is likely to change once the developed economies fasten their belts to avert crash landing.
K P S Chauhan, New Delhi
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