RBI will announce steps to improve markets on Monday: Pranab Mukherjee
Kolkata: Finance Minister Pranab Mukherjee on Saturday reassured that the Reserve Bank of India (RBI) will make some strategic announcements on Monday to improve the sentiment on the Dalal Street.
"The Reserve Bank will announce some measures on Monday that will improve the markets,"
Pranab said in Kolkata.
"Steps have been taken in consultation with the RBI Governor, expect announcements on Monday that will improve the market condition," Pranab added.
Pranab also said that though the Indian economy was week, but its fundamentals were strong. "A large economy like India cannot remain insulated from external influences. I'm concerned, but not depressed as the fundamentals of Indian economy are strong. This year, thus far, there is positive FII inflow of $ 8 billion," Pranab said.
Pranab's assurance comes a day after the rupee fell to a record low of 57 per dollar. The rupee fell to 57.37 against the US dollar on Friday, recording this year's biggest fall of 85 paise in a day, on increased demand from oil importers.
The currency has declined over 20 per cent in the past one year and traders expect the currency to weaken further to 58 against the dollar in future.
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