Ex-IMF heavyweight Raghuram Rajan named new RBI chief
- Chief Economic Advisor Raghuram Rajan will be the next Reserve Bank of India (RBI) Governor after incumbent D Subbarao retires in September.
- 50-year old Dr Rajan, a former International Monetary Fund (IMF) Chief Economist was appointed as the Chief Economic Advisor in the Finance Ministry in August last year. He is acclaimed for predicting the 2008 global financial crisis.
- The Indian rupee recovered dramatically on news of Dr. Rajan's appointment after it hit an all-time low of 61.80 and ended in the green at 60.77, wiping off all losses.
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