India's `Madness' Is Worthy of Attention in Asia: William Pesek
May 10 (Bloomberg) -- A quiet revolution is unfolding in India and it could say much about the future of Asia's fast- growing economies.
In New Delhi, Finance Minister Palaniappan Chidambaram is standing by as the rupee rises. It has gained almost 10 percent versus the U.S. dollar over the last 12 months, and 18 percent against the yen. To say that hasn't gone over well with India's business establishment would be a gross understatement.
Take Munish Saigal, director of foreign exchange at Ranbaxy Laboratories Ltd., India's largest drugmaker. He says the rupee's advance to a nine-year high against the dollar is ``madness'' and won't last.
``The rupee is massively overvalued and there needs to be some sanity to find out what the appropriate level is,'' Saigal told Bloomberg reporter Sam Nagarajan last month.
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