Floating on the rupee, Indian Express, 23 November 2011

The rupee has depreciated sharply in the last one
week. We are fortunate that unlike countries in the Eurozone like
Greece and Italy, who do not have the advantage of a flexible
currency, we have one of the most important mechanisms of
macroeconomic adjustment working our favour. However, the adjustment
can happen only if accompanied by other supporting policy
changes.