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The article "Will monetary medicine lower inflationary pressure?" (Business Line, February 28) on taming inflation without stifling growth was most interesting. However, I beg to differ on one aspect of not allowing the rupee to appreciate.

When we are in the midst of serious discussion for capital account convertibility and free float of rupee, economists should appreciate that had the rupee been allowed to appreciate, the common man would have benefited. We cannot forget that inflation robs the poor more than the rich.

If the rupee were to appreciate, petrol, for instance, may have been priced at, say, Rs 30, which could have been beneficial for all and the cascading positive impact would have been felt in all the segments of the economy. The other article on the subject on the same day "Is RBI inflating India?" also presents important views that are to be taken seriously by the policy-makers.

S. M. N. Swamy

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