Technoglitch
Core Member
Outgoing Reserve Bank of India (RBI) governor Raghuram Rajan is credited for his fresh approach towards the monetary policy and the changes he brought. But as far as foreign exchange is concerned, he seems to have taken a leaf out of former governor Y.V. Reddy’s book.
The RBI has raised its forex interventions under Rajan even as uncertainty in global currency markets mounted.
Between September 2013 and June 2016, the RBI was a net buyer of an aggregate $87 billion. This rivals with the dollar buying spree during Reddy’s period which was characterised by unprecedented inflows.
In the first three years of his tenure, Reddy orchestrated a cumulative $54.1 billion worth of dollar buying (September 2003-September 2006). In the next two years, the RBI soaked up $94 billion.
RBI raised forex interventions under Raghuram Rajan - Livemint
The RBI has raised its forex interventions under Rajan even as uncertainty in global currency markets mounted.
Between September 2013 and June 2016, the RBI was a net buyer of an aggregate $87 billion. This rivals with the dollar buying spree during Reddy’s period which was characterised by unprecedented inflows.
In the first three years of his tenure, Reddy orchestrated a cumulative $54.1 billion worth of dollar buying (September 2003-September 2006). In the next two years, the RBI soaked up $94 billion.
RBI raised forex interventions under Raghuram Rajan - Livemint