Before and after he took over as the 23rd governor of the Reserve Bank of India (RBI), Raghuram Rajan has been tirelessly saying he doesn’t have a magic wand. But the market seems to be banking precisely on the opposite. A Business Standard report indicates that the Rajan magic is indeed working, and how. Until a week ago, the rupee had lost about 20 per cent against the dollar this financial year and as the currency touched record lows almost every other day, for many there was no end in sight.

But the worst-performing Asian currency has become the best performer in just a week, appreciating 5.55 per cent since last Wednesday. Foreign institutional investors (FIIs) invested $1 billion in Indian debt and equity markets in the four trading sessions to Tuesday.

Read the complete Business Standard report here