Rupee at 80: What can be done?

We need to maintain the gap of interest rate differential with the US by raising rates in a meas­ured way and allow the rupee to find its own level

This is an apocryphal story. Many moons ago, King Canute ruled England. His admirers and courtiers often flattered him saying, “Even nature recognises your greatness. If you wish, you can command the sea to stop and the wind to cease to blow.”

One day the king took his seat on his royal chair on the seashore. The sea was rough and the waves were rolling on. Canute commanded, “O sea, stop there. Don’t move forward to touch my feet.” But the waves rolled on as before, lashed on his feet. The water rose higher and higher, drenching the king and