Raghuram Rajan is the 23rd governor of the Reserve Bank of India. He has been appointed for a period of three years, and will take charge from D. Subbarao, who is exiting after an extended five-year term. His efforts has appreciated the rupee by about 4% against the dollar in the past three days to become the best performing currency among the emerging market peers.
On Friday, the currency touched 65.00 per dollar in intra-day trade, the level last seen more than a week back.
He was the Economic Counselor and Director of Research (simply put, the chief economist) at the International Monetary Fund from September 2003 till January 2007.
Mr. Rajan has worked as the Eric J. Gleacher Distinguished Service Professor of Finance at the University of Chicago’s Booth School of Business.
Mr. Rajan has also served as the Bertil Daniellson Visiting Professor of Banking and Finance, Stockholm School of Economics, 1996-97; Visiting Professor of Finance, Northwestern University, 1996-97, and the Fischer Black Visiting Professor, Massachusetts Institute of Technology, 2000-01.
In January 2003, the American Finance Association awarded Mr. Rajan the inaugural Fischer Black Prize, given every two years to the financial economist under age 40 who has made the most significant contribution to the theory and practice of finance.
He earned his bachelor’s degree in electrical engineering from IIT-Delhi, before pursuing his MBA in 1987 from the Indian Institute of Management, Ahmedabad, followed by a PhD in 1991 from Massachusetts Institute of Technology. He was a gold medalist at both IIT and IIM.
Rajan, 50, was born in Bhopal on February 3, 1963. He comes from a Tamil family and is married to Radhika, a classmate from IIM. They have two children. Let us hope the Rupee will stop down sliding.