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Business News/ Economy / Markets extremely volatile and uncertain since Jackson Hole summit: RBI Governor Das
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Markets extremely volatile and uncertain since Jackson Hole summit: RBI Governor Das

Going forward, monetary policy will remain watchful, nimble-footed and calibrated, RBI Governor Shaktikanta Das said

Reserve Bank of India Governor Shaktikanta Das during a press conference in Mumbai, Friday, Aug. 5, 2022. (PTI)Premium
Reserve Bank of India Governor Shaktikanta Das during a press conference in Mumbai, Friday, Aug. 5, 2022. (PTI)

Since Federal Reserve Chairman Jerome Powell's remarks during the Jackson Hole Economic Policy Symposium 2022, stock markets have become extremely volatile and uncertain, said Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday.

At an event today, Governor Das said the central bank has intervened in forex markets to prevent excessive volatility in the exchange rate, noting the Indian rupee had moved in an orderly manner at a time of sharp depreciations in other currencies.

Rupee declined against the dollar today, tracking a slide in Asian currencies that was led by the Chinese yuan. It closed at 79.8425 per US dollar, down from 79.7950 in the previous session.

Meanwhile, Das said that going forward, India's monetary policy will remain watchful, nimble-footed and calibrated.

Speaking about the banking system, he said that the health of India's banking system is sound and can prevent any negative spillovers from external headwinds.

India fastest growing economy when others are moderating

Das also said that India is widely perceived to be the fastest growing economy in the world this year, when other major economies may actually be encountering recession or considerable moderation in their growth momentum.

"Expect inflation within the tolerance band in next financial year," the RBI Governor said.

On sovereign green bonds, Das said the Central Government and the RBI are working on issuing sovereign green bonds.

"Green bonds are a commitment to a carbon-free Indian economy," he noted.

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Published: 05 Sep 2022, 08:22 PM IST
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