×
Home Companies Industry Politics Money Opinion LoungeMultimedia Science Education Sports TechnologyConsumerSpecialsMint on Sunday
×

US downgrade not a cause of alarm: Kaushik Basu

US downgrade not a cause of alarm: Kaushik Basu
Comment E-mail Print Share
First Published: Mon, Aug 08 2011. 12 43 PM IST
Updated: Mon, Aug 08 2011. 12 43 PM IST
New Delhi: A rating downgrade of the United States, by Standard & Poor’s, is not a cause of alarm, chief economic adviser to India’s finance ministry Kaushik Basu said on Monday.
Shares across Asia fell sharply on Monday despite efforts by global policymakers to stem a collapse in investor confidence after S&P downgraded US credit rating from AAA to AA+ last week.
In early trade, the Indian shares fell 2.5% on Monday, while the rupee weakened past 45 to the dollar for the first time in five weeks following a global equities rout.
In an announcement early on Monday before the markets opened for trading, the Reserve Bank of India said it would ensure adequate rupee and forex liquidity, a move to calm the jittery markets.
Comment E-mail Print Share
First Published: Mon, Aug 08 2011. 12 43 PM IST