What can you do and what can India do to make sure the next time the effect is less severe? SUBBARAO: All emerging economy currencies have depreciated in the pre-Christmas months, but Indian rupee depreciated more than other currencies. All of you wrote and as we know the rupee was worst performing currency in the world or whatever.
What explains that is that we are a current account deficit economy. South Africa too is current account deficit. Those emerging economies that had a surplus or a small deficit were less hit than countries that have a sizeable deficit like India, and that deficit was growing.