March 13, 2020 / 7:02 AM / 20 days ago

India ready to take steps to calm markets over coronavirus, says chief economic adviser

FILE PHOTO: Krishnamurthy Subramanian, chief economic adviser at India's Finance Ministry, speaks during an interview with Reuters at his office in New Delhi, India, March 1, 2019. REUTERS/Anushree Fadnavis/File photo

NEW DELHI (Reuters) - The Indian government and financial regulators will take necessary steps to calm markets gripped by fears over coronavirus, the government’s chief economic adviser Krishnamurthy Subramanian said on Friday.

“Government and regulator will be responding when it will be necessary,” Subramanian told reporters in response to a question if the government planned relief measures to tackle a rout in the stock market and the rupee currency.

Trading on the exchanges hit a “circuit breaker” a few minutes into Friday’s session - the first time since 2009 - as widespread panic over the coronavirus pandemic gripped global markets. Indian indexes swung wildly after the markets resumed trading at 0450 GMT.

The rupee, which earlier fell to a record low of 74.5075 against the dollar, also reversed some losses.

Reporting by Aftab Ahmad; Writing by Nidhi Verma; Editing by Sanjeev Miglani

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