There is no concept in economics akin to a baptism of fire but that is surely what awaits incoming Indian central bank governor Raghuram Rajan as he ponders what, if anything, can be done to protect his country's ever-sinking currency.

The rupee has lost more than a tenth of its value since May when remarks by US Federal Reserve governor Ben Bernanke first prompted investors to pull back from emerging markets, especially those like India encumbered by dangerously high current account deficits.


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