Faced with the declining value of the rupee and a widening current account deficit (CAD), Reserve Bank of India (RBI) Governor-designate Raghuram Rajan said there was no magic wand to address the challenges before the country overnight and he would endeavour to deal with them one at a time.

Rajan, 50, who has been in the finance ministry as chief economic advisor for barely a year, will replace Duvvuri Subbarao as RBI Governor. Read More