New head of Indian central bank appointed

|By:, SA News Editor

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.

Related stock ETFs: EPI, INDY, PIN, INP, INDA, INXX, SCIF, SCIN, INDL.

Rupee ETF: ICN.