The Indian rupee saw a decline of 105 paise against one US dollar, on April 7 markets shuts at 74.47 making it the biggest fall in last 20-months. However, the RBI's status quo on repo rate remains firm. According to a Research analyst Saif Mukadam, the depreciation is fuelled due to new lockdown restrictions. Besides, the Central government claims that the economic growth remains uncertain due to lockdown.
Courtesy: Deccan Herald
The RBI Monetary Planning Committee has decided to continue the repo rate of 4%. RBI Governor ShaktiDas on October 9 said that the Indian economy was entering a "decisive phase" due to the pandemic. He added that owing to the pandemic, a economic contraction of 9.5% for the fiscal year is expected and opined that the economy would see positive growth by the fourth quarter of this fiscal year.
Courtesy: The Indian Express
Three economists - Ashima Goyal, Jayanth R Varma, and Shashanka Bhide - have been appointed as the new independent members of the RBI's Monetary Policy Committee (MPC). The Union Government appoints independent members for the committee, which is responsible for maintaining price stability, and deciding the repo rate to control inflation. The other members of the six-member committee include the RBI governor, deputy governor and an official… read-more