Raghuram Rajan - chief economic adviser to India's finance ministry - is chosen to be the next governor of the Reserve Bank of India.
He'll replace outgoing Duvvuri Subbarao when his 5-year term is up in September. Rajan's appointment is for 3 years.
Rajan was previously chief economist of the IMF and a professor at the University of Chicago (there's something odd about one person occupying both of those positions).
Rajan is greeted with the rupee falling to a new all-time low of 61.86 to the dollar and the Sensex off another 2.3% last night.
Rupee ETF: ICN.