Kalyan Ram

Kalyan Ram, a financial journalist, co-founded Cogencis and now leads BasisPoint Insight.

Does Monetary Policy Need a New Paradigm?

Kalyan Ram

Abheek Barua

October 13, 2026 at 3:39 PM IST

RBI Borrows a Page from China’s Currency Playbook

RBI’s FX Moves

The RBI’s China-style reserve rule seeks to slow dollar buying, but lower forward premiums may come at the cost of leaving importers less hedged.

Kalyan Ram

October 12, 2026 at 4:09 AM IST

The Rupee Needs Resolve, Not Reprimands

The RBI can make betting against the rupee harder. Restoring confidence requires firmer monetary policy, not a verdict on markets’ rationality.

Kalyan Ram

October 10, 2026 at 7:28 AM IST

iStock.com

RBI Hikes Rates, but Why Did the Rupee Fall?

Rajesh Mahapatra

Kalyan Ram

October 7, 2026 at 2:21 PM IST

The RBI Is Making Haste Slowly

MPC Review

The RBI has settled the direction of rates, not the pace. A cautious inflation diagnosis faces a harder test from the dollar and financial risks.

Kalyan Ram

October 7, 2026 at 6:39 AM IST

The MPC Must Show the Way Back to 4%

Monetary Policy

Benign core inflation supports the case for waiting, but the MPC must say how long headline inflation may remain above 4%.

Kalyan Ram

August 5, 2026 at 8:36 AM IST

Poonam Gupta/LinkedIn

RBI Has Bought Time; India Must Now Earn Its Dollars

The RBI has bought stability with borrowed dollars. India must use this costly reprieve to boost growth, raise exports, retain capital, and restore investor confidence.

Kalyan Ram

August 4, 2026 at 4:27 AM IST

iStock.com

Big Mac at 40 Explains What Currencies Really Buy

Briefing

The burger made PPP tangible. Forty years on, it still shows why a cheap currency need not be mispriced or poised for a rebound.

Kalyan Ram

July 31, 2026 at 11:45 AM IST

iStock.com

Fed’s Warsh Says Play the Ball, Markets Call Foul

Warsh wants investors to trade the data rather than the Fed. The post-meeting yield curve exposed the cost of asking markets to price policy without a visible reaction function.

Kalyan Ram

July 30, 2026 at 3:19 AM IST

US Fed

When an Exam Protest Becomes a Political Test

India’s NEET protests have outgrown the exam, exposing a deeper crisis of youth opportunity, political accountability and trust in institutions.

Kalyan Ram

July 25, 2026 at 5:06 AM IST

Via WikiCommons

The Ghost of FCNR(A) Was Invited Through the Swap Window

FCNR(A) has not returned in law. But the RBI has revived its most dangerous instinct: putting private currency risk on the public balance sheet.

Kalyan Ram

July 17, 2026 at 6:25 AM IST

RBI is Forward-Looking About Growth, Not Inflation

Opinion

Growth gets preventive care; inflation must first materialise, spread and bring witnesses. The June minutes preserve the case for rate cuts while making hikes clear a far higher bar.

Kalyan Ram

June 19, 2026 at 2:39 PM IST

linkedin.com/Poonam Gupta

Dollars Now, Rates Later

Monetary Policy

RBI's June policy separated tools and timing: BoP stress got an immediate response, while inflation must clear a higher threshold before rates move.

Kalyan Ram

June 5, 2026 at 2:23 PM IST

Is India’s Energy Shock the Same as the Pandemic Shock?

Opinion

The RBI appears willing to look through the oil shock, but inflation risks are structurally different from the COVID-era disruptions that justified prolonged accommodation.

Kalyan Ram

May 19, 2026 at 3:01 AM IST

India May Need an Outside-In Economic Reset

As the global economy changes shape, India may benefit from an independent economic rethink led by a credible outsider with institutional gravitas.

Kalyan Ram

May 17, 2026 at 6:07 AM IST

iStock.com

India Finally Spoke Honestly About Its External Risks

The CEA’s unusually candid speech acknowledged a reality markets have privately discussed for months: India’s external-sector vulnerabilities are becoming structural.

Kalyan Ram

May 12, 2026 at 2:56 PM IST

RBI’s Malhotra May Be Preparing the Ground for Calibrated Rate Action

Focus on second-round effects and expectations hints at shallow, signalling-led rate hikes.

Kalyan Ram

April 21, 2026 at 7:47 AM IST

RBI

When Policy Turns to Risk Management

Monetary Policy

The April policy does not extend the prior arc. It alters how the Reserve Bank frames risk when the problem itself has changed.

Kalyan Ram

April 8, 2026 at 8:09 AM IST

RBI May Look to Hold Its Nerve as It Buys Time on Policy Calls

Monetary Policy

Markets may test the RBI on rupee, but the MPC is likely to keep its focus narrowly on monetary policy

Kalyan Ram

April 6, 2026 at 9:16 AM IST

RBI Tweets

India’s Liquidity Surplus Masks a Structural Shortage?

India’s liquidity looks ample on paper, but thin reserve buffers and weak deposit elasticity reveal a deeper structural strain.

Kalyan Ram

February 18, 2026 at 12:32 PM IST

Basis Shorts

October 13

RBI’s Rupee Defence Is Squeezing FX Market Liquidity

It is a Seller’s Market at Gilt OMO

Widening Gilt-OIS Spread Offers a Counterweight to Swap Curve Flattening

Why Bond Investors Are Looking Beyond the Belly of the Curve

The Bureau

RBI Governor Says Ready to Act to Keep Rupee Orderly - Moneycontrol

Indian Shares Rally as IT Stocks Surge, Rupee Strengthens on RBI Measures

NPCI Postpones MDR Implementation on UPI Transactions Until After Diwali

PODCAST: Does Monetary Policy Need a New Paradigm with Abheek Barua

September CPI Puts RBI On Course For More Rate Hikes, Terminal Rate Seen At 6.00-6.25%

RBI Tightens Rupee NDF Rules, Extends 20% Cash FX Risk Reserve to Banks' Hedges

India September CPI inflation Hits 5.54%, Highest Since October 2024

Does Monetary Policy Need a New Paradigm?

In Search of the Lesser Florican

Maneet Pal Singh