Arvind Panagariya advises RBI to let the rupee depreciate past ₹100 to a dollar amid current oil shortages.

RBI intervenes as the rupee hits a record low, pressured by high oil prices and significant foreign investor withdrawals.

Global investors anticipate further depreciation of the Indian rupee, with some projecting a fall to 100 per dollar. This outlook is driven by rising oil import costs due to the…