The Rupee’s Wake-Up Call
The Indian rupee is depreciating sharply, provoking anxiety about inflation, financial instability, and diminished debt-repayment capacity. But the rupee's decline is a symptom of a deeper problem: India's economy is in trouble, and the country's dysfunctional political system is undermining its prospects for recovery.
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PRINCETON – The Indian rupee has weakened rapidly in recent months, with the exchange rate against the US dollar dropping by 11%, to around 60 rupees, since early May. As a symbol of India’s economic strength, the rupee’s fall has provoked more than the usual hand-wringing and angst at home and abroad.