Govt shouldn't panic and deplete reserves to defend rupee: Rajan

Former RBI Governor Raghuram Rajan said India should not deplete foreign exchange reserves to defend the rupee against its fall. "​First response would be, don't panic," he said on currency's depreciation. "Some currency depreciation is not necessarily a bad thing in this kind of environment. It allows you to stabilise your exports (and) makes your goods more competitive," he added.