Sir — This refers to the report, “Rs in shambles, Govt says will take action as warranted” (June 21). The knee-jerk reaction in the bourses all over, to the views expressed in the US Fed meeting and to the handiwork of US-based foreign institutional investors, is totally uncalled for. During such crises in 1997 and earlier, India was not affected, since only in recent years have the FIIs been allowed in the Indian bourses and the bond market. It’s time to reconsider the issue of having only the dollar as a currency for international trade.
The US economy is not as healthy as it is perceived or projected to be, and its domination of the international financial system only benefits America. Both Marxist and capitalist economies have failed to ensure inclusive growth, and we have to draw upon our own economic system for a solution.