THE spiral of inflation and devaluation the country is caught up in did not begin a few months ago. It began in 2021. The rupee had fluctuated in a band between 150 and 155 to the dollar since the middle of 2019. In May 2021, it was hit by the first bout of volatility that has not abated since then, despite the value of the dollar having doubled. It took more than 10 years for the dollar to dou