Attempt to stem rupee weakness should be aggressive: Jalan

As the debate on the RBI intervention to stem the fall in the rupee gathers becomes more widespread, former central bank governor Bimal Jalan calls for aggressive RBI intervention to curb weakness in the rupee.

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Speaking to CNBC-TV18, he says, "There is no attack on the rupee as of now because the rest of the world is coping up with the impact on the euro and the recovery in the US. We should be firm and strong. Intervention by either the government or the RBI  should be aggressive.”
On the ability of the central bank to control the rupee's fall, Jalan adds, "We handled the Asian crisis. With a very small level of reserves, we adopted a multi-pronged approach,  took some tough decisions and stemmed the impact of the crisis."