Rajan Exit Notice Before Brexit Poses Stress Test for India
- Rupee drops to the lowest in four weeks before paring losses
- Five candidates in running for the job: government official
Serra: Rajan Stepping Down 'Very Bad Day for EM'
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As if Brexit wasn’t enough to worry about, India investors now need to cope with central bank Governor Raghuram Rajan’s impending departure.
The rupee, Asia’s worst performing currency this year, slumped to its lowest level in four weeks on Monday, following Rajan’s weekend announcement that he plans to return to academia when his term ends in September. Volatility in the currency also climbed after surging the most since August last week.