India, April 4 -- It is the rupee, stupid, not gold. While most reports, including official explanation, reveal that the recent curbs on imports of gold and silver were due to misuses, the real reason seems to be the currency. Ever since, the exchange rate breached the INR 95 to a dollar mark a few days ago, the central bank, and policy-makers were in a tizzy. There was, and is, a genuine scare, say sources that speculators led by a major force were hell bent to weaken the rupee to INR 100 a dollar. This was a psychological barrier that they did not want to be crossed. If it went past INR100, who knows where it would stop. The rationale was that at that exchange rate level, the currency would be completely in the grips of a cartel, led by...