IMF chief hails RBI efforts

Published on March 18, 2015 14:01:22 PM
Reserve Bank of India (RBI) has taken decisive action during and after the taper tantrum episode in May and June of 2013, said Christine Lagarde, MD of the International Monetary Fund on Tuesday.

She said, "RBI provided foreign currency liquidity support to key sectors, allowed the rupee to depreciate and provided judicious foreign exchange interventions to minimise disruptive movements in the rupee. It also arrested the surge in gold imports, narrowed its current account deficits sharply, and started to rebuild foreign exchange reserves.”