By Daniel Hunter

Raghuram Rajan, the former chief economist at the International Monetary Fund, has been appointed as the head of India's central bank.

Mr Rajan takes up the top job at the Reserve Bank of India on 4 September as the country looks to revive its economy.

The announcement came as the rupee hit a new record low against the US dollar on Tuesday. Mr Rajan, who is known for having predicted the 2008 global financial crisis, will replace D Subbarao.

His appointment comes with the rupee in free-fall because of India's current account deficit, a broad measure of trade, and the economy growing at its slowest pace in 10 years.

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