RBI’s Das: Proactive and monitoring the evolving situation very closely

Dhwani Mehta FXStreet

While addressing a scheduled press conference on Friday, the Reserve Bank of India (RBI), the Indian central bank, Governor Shaktikanta Das said that the RBI has been proactive and monitoring the evolving situation very closely.

Further comments

Necessary that we convey resolve of RBI going foward, doing that today.

Since March 27 macroeconomic landscape has deteriorated severely in some areas.

According to IMF, India expected to post sharp turnaround and grow at 7.2 pct in 2021/22.

Contraction in exports in march 2020 has turned out to be more severe than during global financial crisis.

Level of forex reserves continue to be robust.

Proposes steps to ease financial stress.

In its emergency 3-day monetary policy meeting held on March 27, the RBI announced a 75bps Repo rate cut to 4.40%, in its efforts to cushion the economic blow from the coronavirus pandemic.

USD/INR reaction

USD/INR Price News: Indian rupee extends latest gains as RBI Governor refrains from another surprise

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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