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RBI remains 'steadfast' to take necessary steps to support economy: Guv
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SME Times News Bureau | 16 Jan, 2021
Reserve Bank Governor Shaktikanta Das on Saturday said that the central
bank remains committed to take any further necessary measures to support
the economy.
Delivering the Nani Palkhivala Memorial Lecture on
Saturday, Das said that RBI's principal objective during the pandemic
was to support economic activity and the policies have helped in easing
the severity of the economic impact of the pandemic.
"I would
like to unambiguously reiterate that the Reserve Bank remains steadfast
to take any further measures, as may be necessary, while at the same
time remaining fully committed to maintaining financial stability," he
said.
RBI's approach to the Covid situation included measures
such as loan moratoriums, easing of working capital financing and
deferment of interest restructuring among others.
Speaking of the
recent bull run in the financial markets, the RBI Governor said that
domestic financial markets must remain prepared for sudden decline going
ahead in case risk aversion takes hold among investors globally.
"While
abundant capital inflows have been largely driven by accommodative
global liquidity conditions and India's optimistic medium-term growth
outlook, domestic financial markets must remain prepared for sudden
stops and reversals, should the global risk aversion factors take
hold," he said.
The RBI Governor's statement gains significance
as the Indian stock market has surged amid the pandemic and scaled new
highs in the past one month, raising concerns of stretched valuations.
This is the second time in a week that Das has raised concerns regarding the bullish trend in stock market.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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