A scramble for dollars saw the rupee slump to an all-time low of 56.37 to a dollar today. The inflation seems to spiral. Given the way policy makers are behaving and the large current account and fiscal deficits, India seems to be heading for the worst financial crisis in decades. Sharp devaluation, as sharp as that of 1991, seems to become a reality soon. Are we facing a Greece like situation, especially with the oil bill looking at us at these INR rates!!!!
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