The 300m rupee (£3m) building has been dubbed a complete failure and a "ghost bazaar".
Facing a wobbly rupee and high inflation, it wants to show it is still capable of bold action to boost business confidence.
Jonathan Anderson, of UBS, a bank, has tagged the rupee a "drama queen".
Reflecting the bounce in the rupee Mr Rajan did ease some of the emergency liquidity tightening measures put in place in July to bolster the currency, boosting short-term market interest rates.
Interest rates are falling, if slowly; the rupee has been fairly resilient.
Chetan Ahya, an economist at Morgan Stanley, thinks India has its problems, but that the weak rupee mainly reflects the trauma in global markets, which has caused capital flows to dry up.
He worries about them being able to refinance these borrowings.And a lower rupee will fan inflation, which is already at 9-10%.
The currencies of other places with current-account gaps, such as South Africa and Turkey, have been walloped too.To be sure, the rupee deserves a beating, given how India's prospects have dimmed.
The country has $314 billion of reserves, largely thanks to the central bank intervening in the past to stop the rupee appreciating too much.
In spite of last year's 19% devaluation of the rupee, the country's trade deficit refuses to fall much.
Private firms that owe most of India's foreign debt will be under intense strain, particularly if the rupee drops further.
