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Alex Iancu

India keeps interest rates on hold but rupee further sinks | Inquirer Business - 0 views

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india keeps interest rates hold sinks business

shared by Alex Iancu on 16 Apr 14 - No Cached
  • India keeps interest rates on hold but rupee further sinks
  • dia’s central bank kept benchmark interest rates unchanged Tuesday as part of its struggle to prop up the battered rupee but the currency weakened further to hover just above a lifetime low.
  • Reserve Bank of India (RBI) made it clear its key priority right now is to support the rupee at the expense of spurring an economy that has been expanding at its weakest level in a decade.
  • ...8 more annotations...
  • the currency slid to 60.40 rupees to the dollar, close to its record low of 61.21 rupees hit earlier this month.
  • “The RBI has done everything to defend the rupee—but it did not hike rates,”
  • Business leaders and Finance Minister P. Chidambaram have been pushing for cheaper borrowing rates to boost growth,
  • push up the cost of imports, drive up already stubbornly high consumer price inflation and risk a widening of the current account deficit, which hit a record 4.8 percent of gross domestic product last year.
  • Earlier th
  • is month, the central bank raised two short-term lending rates to support the rupee, which is the worst-performing currency among major Asian nations.
  • India’s economic woes have led to increased speculation that it could be headed for an economic crisis of the sort it suffered in 1991, which forced a bailout by the International Monetary Fund.
  • “I feel shaky. Now there is a 10-20 percent chance that we might see 1991 again
  • Alex Iancu on 16 Apr 14
     
    India Inflation rate is kept constant-Rupee continues to sink
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