Sense of panic in market completely unfounded: Mayaram
NEW DELHI (Reuters) - The sense of panic that has taken the rupee to record lows is "completely unfounded" and the financial markets will begin to see in a few days that it is unwarranted, a senior finance ministry official said on Tuesday.
Economic Affairs Secretary Arvind Mayaram added that the government had no intention of imposing capital controls to address the situation.
"There is no question of capital controls coming in," he said, adding that the government could more than fund a gap in its current account deficit for the current year.
He was speaking after the rupee fell past 64 to the dollar for the first and bond yields spiked to a five-year high as Asia's third-largest economy bore the brunt of the global emerging markets sell-off.
(Reporting by John Chalmers)
- Tweet this
- Share this
- Digg this
- Boxer Sarita Devi faces action after refusing medal at Asian Games
- Brookfield wins Revel Casino auction, but loser vows to fight
- CANADA STOCKS-TSX fall gets deeper as financial, energy shares drag
- UPDATE 2-EU-Russia gas duel deepens with Slovakia supply cut
- Billionaire Detroit business leader says "blight is like a cancer"
India could run out of a critical medicine in its free HIV/AIDS drugs programme in three weeks due to bureaucratic bungling, a senior government official said, leaving more than 150,000 sufferers without life-saving drugs for about a month. Full Article