He wants to lobby the Reserve Bank of India for a rupee derivatives market aimed at exporters and importers.
And with so much of its 75 billion rupee fund unspent, India's government is drafting proposals to subsidise the provision of broadband to every village.
India's indebted government sells its rupee bonds to locals, mainly banks, not jittery foreigners.
Despite recent measures by the Reserve Bank of India to support the currency, the Indian rupee continued to fall.
Other recent assignments have included the Commonwealth Games in India, visit of President Barack Obama to India, and the launch of the new rupee symbol.
The falling rupee, then, partly reflects India's economic failings.
To be sure, the rupee deserves a beating, given how India's prospects have dimmed.
An amount so meager might seem pointless, but in rural India even a 2-to-3-rupee decrease on a 6-rupee ticket was a huge saving and made them devoted followers of the minister.
Chetan Ahya, an economist at Morgan Stanley, thinks India has its problems, but that the weak rupee mainly reflects the trauma in global markets, which has caused capital flows to dry up.
In other news, reports said the price of spot gold in India hit a record high Thursday, basis the Indian rupee currency.
On the rupee's strengthening against the dollar, India's cities, Mumbai and New Delhi, shot up four places and 13 places respectively in world rankings, to take over the bottom two spots of Asia's 10 most expensive cities.
Given India's balance-of-payments woes the rupee has fallen by a fifth in the past year even Chinese businessmen worry that the discrepancy in bilateral trade is unhealthy.
The falling value of the rupee is making the cost of petroleum products much higher in India than the increase in their prices in dollars.
There are risks: ExlService is vulnerable to an appreciating Indian rupee versus the U.S. dollar and wage inflation in India.
FIIs must use special non-resident rupee bank accounts, in order to move money in and out of India.
India, for example, has recently made statements that it is concerned that its rupee is weakening and may intervene to fight this weakness.
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India's industrial production is now dropping at its fastest rate since 1993, and the rupee continues to weaken as a result.
It worried partly that unauthorised investors were playing in India's markets, but also about the effect of hedge-fund investments on the rupee and financial stability: huge inflows push a currency up, but also make it vulnerable to collapse if the money rushes out again.
The product price has remained essentially flat in rupee terms over the past six years, despite 4.7% average annual inflation in India.
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