{"id":7429,"date":"2022-03-21T21:37:53","date_gmt":"2022-03-21T16:07:53","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-ld-rbi\/"},"modified":"2022-03-21T21:41:17","modified_gmt":"2022-03-21T16:11:17","slug":"biz-ld-rbi-das-economy","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-ld-rbi-das-economy\/","title":{"rendered":"India comfortably placed to deal with any effect of spillover: RBI Das"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-822505597\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p> Mumbai, Mar 21 (PTI) Reserve Bank Governor Shaktikanta Das on Monday said with the country&#8217;s foreign exchange reserves at USD 677 billion, it is comfortably placed to deal with any spillover effects and for financing of the current account deficit.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2336444534\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p> Over the last three years, the country&#8217;s foreign exchange reserves have surged by USD 270 billion.<\/p>\n<p> He said as per the latest data, the foreign exchange reserves are USD 622 billion. Other than that, a lot of forex, amounting to USD 55 billion, are being held in our forward assets, which will mature from time to time every month.<\/p>\n<p> &#8220;Our reserves are USD 677 billion (as of today). India is comfortably placed to deal with any effect of spillover or any challenge with regard to financing current account deficit,\u201d Das said while addressing at the CII National Council meeting.<\/p><div class=\"trade-content_5\" id=\"trade-3125702208\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> Reserves render a lot of stability and confidence in any economy, Das said.<\/p>\n<p> \u201cToday, I am able to say with great confidence that we will be able to deal with any spillover effectively because of our USD 677 billion (forex reserves). So, that represents the strength of the economy and the stability of the economy and the exchange rate,\u201d he said.<\/p>\n<p> To a suggestion of using a small portion of the reserves to finance requirements of the economy, the governor said it was not advisable.<\/p>\n<p> &#8220;Touching the reserves for financing various requirements of the economy is not at all advisable. They (using reserves) are not in the medium-term, forget long-term, interest of any government, not just for India.<\/p>\n<p> &#8220;According to the RBI&#8217;s assessment, I think, India should not do it and therefore we are not in favour of it,&#8221; he said.<\/p>\n<p> Speaking on the impact of recent rate actions by major central banks, the governor said there could be some spillover effects but RBI is confident of maintaining stability of the Indian currency.<\/p><div class=\"trade-content-10\" id=\"trade-447457763\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> &#8220;I can say with reasonable confidence that we will be able to maintain the stability of the Indian rupee,\u201d he said, adding that the RBI&#8217;s standard policy is to intervene in the foreign exchange market to prevent excessive volatility.<\/p>\n<p> The governor said that the rupee has depreciated by just 0.4 per cent against the US dollar between April 1, 2021 to March 17, 2022.<\/p>\n<p> He said the country&#8217;s foreign exchange reserves are distributed in various foreign currencies and not just concentrated in just one currency.<\/p>\n<p> \u201cWe have gold reserves which are also dispersed, partly India and partly outside. So it is quite diversified,\u201d he said.<\/p>\n<p> Das further said the Indian economy is better placed and on the external front also the country is doing well.  \u00a0\u00a0  \t \u201cBut, we are living in an uncertain world and there is no reason for complacency. We have to be watchful and we are monitoring very closely,\u201d he said.  \u00a0\u00a0 \t The RBI is also monitoring the crude and commodity prices and the volatility very closely. PTI HV BEN  MR MR<\/p>\n<div class=\"trade-after-content\" id=\"trade-2508868551\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Mumbai, Mar 21 (PTI) Reserve Bank Governor Shaktikanta Das on Monday said with the country&#8217;s foreign exchange reserves at USD 677 billion, it is comfortably placed to deal with any spillover effects and for financing of the current account deficit. Over the last three years, the country&#8217;s foreign exchange reserves have surged by USD 270 [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1697,31],"tags":[],"class_list":["post-7429","post","type-post","status-publish","format-standard","hentry","category-economy","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>India comfortably placed to deal with any effect of spillover: RBI Das - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-ld-rbi-das-economy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"India comfortably placed to deal with any effect of spillover: RBI Das\" \/>\n<meta property=\"og:description\" content=\"Mumbai, Mar 21 (PTI) Reserve Bank Governor Shaktikanta Das on Monday said with the country&#8217;s foreign exchange reserves at USD 677 billion, it is comfortably placed to deal with any spillover effects and for financing of the current account deficit. 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