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Rajan To Follow 'New' Conventional Policy: Arvind Virmani

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September 27: Former Chief Economic Adviser Arvind Virmani says that rupee volatility between 60-65 levels was due to fundamental factors but it’s going beyond 65 was a classic overshoot. “RBI Governor Raghuram Rajan brought rupee below 65 but simply addressing expectations and boosting confidence won't change much,” he says. Inflation will determine Rajan's policy, where higher inflation will result in tighter monetary policy, he says, adding that the threat of a downgrade is not that high now.