he says in a chapter titled 'Rupee Tantrums 137'.Blaming the plight of the rupee primarily on structural imbalances like high current account deficit (CAD) driven by non-productive imports like gold , Subbarao says Chidambaram was not ready to accept this. "I had several conversations with Chidambaram on this, but found him reluctant to face up to this inconvenient truth. But I thought that the measures would be more effective if he announced them as the incoming governor. He has to make choices and decisions based on his own learning and experiences. "Raghu was kind enough to offer that I announce these measures before signing off.

Source: Economic Times July 15, 2016 10:57 UTC