RBI intervention, GDP doubts, Delhi protests
The latest slide in the rupee appears finally to have jolted the RBI into action, with widespread reports of intervention today. We doubt that this will draw a line under the rupee’s decline. Meanwhile, the reliability of the GDP data is again being called into question – this time by a member of the MPC. And demonstrations in Delhi have highlighted the risk of a turn towards populist policymaking ahead of next year’s election.