Reserve Bank of India (RBI) Governor Raghuram Rajan today held a press conference and said that current account deficit for the current fiscal will be checked at $56 billion, which is much lesser than last year's $88 billion.
Here are the highlights from the conference:
- There has been some turmoil in financial markets all over the world over Fed tapering concerns
- Current account deficit this year will be $56 billion
- Not worried over funding current account deficit
- Majority of oil marketing companies' dollar demand back in market
- Major debt outflows haven't returned
- More FII debt outflow is not a concern
- Factory output data has disappointed
- Food inflation still worryingly high
- Next Monday an OMO or open market operations of Rs 8,000 crore
- Seeing some tightness in liquidity
- To maintain adequate liquidity
- Concerned about weak economy
- RBI concerned over inflation as well as growth
- Expect stronger growth in second half of FY14
- There is no fundamental reason for volatility in the rupee
- Not ruling out US taper effect
- No timeline on bond index inclusion
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