Rupee 'Bleeding Out'? Finance Chief Warns RBI: '100 is Just a Number'

Arvind Panagariya, head of the 16th Finance Commission, advised the RBI to let the rupee weaken instead of using reserves to defend it. He said, "100 is just a number," urging the central bank not to let the Rs 100-per-dollar mark dictate policy. He believes defending the rupee would drain reserves.