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Govt appoints Rabi Sankar as next RBI deputy governor
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Govt Appoints Rabi Sankar As Next RBI Deputy Governor
outlookindia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from outlookindia.com Daily Mail and Mail on Sunday newspapers.
updated: Apr 07 2021, 20:06 ist
After logging its biggest single-day fall in nearly two years on Wednesday, the Indian rupee is expected to depreciate further as Reserve Bank s plan to purchase Rs 1 lakh crore-worth government bonds in the current quarter spooked sentiments.
Analysts said that Wednesday s loss wherein the rupee tumbled 105 paise to end the day at 74.47 against the US dollar has turned the rupee into Asia s worst performing currency so far this month.
Going forward, the domestic currency is expected to lose further ground and depreciate, they opined.
Some analysts said Reserve Bank s plan to buy government bonds worth Rs 1 lakh crore from the secondary market during the three months ending June 2021 is considered as a quantitative easing. The purchase of bonds under the government securities acquisition programme or G-SAP could go up to Rs 3 lakh crore in the current fiscal.
Supporting growth paramount for RBI now: Shaktikanta Das
indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
Stating that growth is of paramount importance now , the Reserve Bank on Wednesday said it will do whatever it takes to sustain the fledgling recovery by ensuring ample and assured liquidity and cheaper funds to oil the wheels of the economy. Announcing the first monetary policy of fiscal 2022, the central bank left the key policy rate unchanged at 4 per cent for the fifth time in a row, after the rash of rate cuts earlier last fiscal. It also assured of an indefinitely long period of accommodative policy stance which was topped by a historic move to commit its own balance sheet to the market with a new liquidity tool called the secondary market government securities acquisition programme or G-Sap, under which it will buy government bonds worth Rs 1 lakh crore this quarter.