Reserve Bank of India's (RBI) newly appointed governor Raghuram Rajan arrives at the RBI headquarters in Mumbai on September 4, 2013. Top economist Raghuram Rajan, renowned for predicting the 2008 global financial crisis, takes over as head of India's central bank on September 4, amid the country's worst financial storm in years. AFP PHOTO/ PUNIT PARANJPE
MUMBAI: The rupee rallied and shares surged after India’s new central bank chief unveiled measures to support the ailing currency, providing a shot of confidence for investors unnerved by the country’s worst economic crisis in two decades.
However, amid the euphoria over Reserve Bank of India governor Raghuram Rajan’s energetic Wednesday debut, investors warned he cannot by himself repair an economy mired by slowing growth and a record high current account deficit that has helped fuel a drop in the rupee of as much as 20% this year.
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