Duvvuri Subbarao: The challenge of globalization – some reflections from the Reserve Bank perspective Address by Dr Duvvuri Subbarao, Governor of the Reserve Bank of India, at the 37th Annual Convocation of the Indian Institute of Management, Bangalore, 30 March 2012. *  *  *  Thank you for inviting me to address the convocation of IIM, Bangalore.
Moreover, further depreciation will be counterproductive for macroeconomic management, especially because of the impact this will have on the prices of imported goods and hence on consumer price inflation. Consequently, the Bank of Uganda intends to adopt a more aggressive stance to support the exchange rate. We sold dollars yesterday to the interbank market. We are prepared to intervene again if necessary.