Movements in the Indian rupee - which hit a fresh low of 85.9/$ his week - appear to have been bigger under the new RBI Governor Sanjay Malhotra than they were under his predecessor, raising the question of whether the central bank has subtly shifted if its FX strategy to a more market-driven approach under the new management. It's too early to tell yet, but if that is the case it would mean the rupee depreciates by more than we currently expect over the coming months.
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