Raghuram Rajan, the country's chief economic advisor, will take over the mantle of governorship of RBI from D Subbarao, who will retire in September this year.
Off late the rupee has been playing truant and the RBI trained its guns on speculators by announcing a couple of liquidity tightening steps. Its focus on rupee resulted in a monetary policy void of any growth incentives. The street had been hoping for a rate cut since inflation was seen coming down from its peak levels. On the other hand its efforts to clamp down on liquidity had failed to strengthen the currency. Experts say a change of guard would not mean a reversal of policies.
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