September 29, 2016 / 11:31 AM / in a year

India's FX, stock markets to stabilise within days - govt official

MUMBAI (Reuters) - India’s rupee and stock markets will stabilise in a few days, Economic Affairs Secretary Shaktikanta Das said on Thursday, following a sharp fall in the markets after India launched attacks on suspected militants.

A man watches television inside his currency exchange shop in New Delhi August 30, 2013. REUTERS/Mansi Thapliyal/Files

“The markets including the currency markets, the stock market they will stabilise in a matter of a very very few days,” Das told reporters.

Indian shares on Thursday posted their biggest decline since the Brexit vote in June, after India said it had conducted “surgical strikes” on suspected militants preparing to infiltrate from Pakistan-ruled Kashmir.

Das said the government’s measures to tackle “cross-border terrorism” would have a “positive impact” on the economy’s financial stability and growth.

Separately, the secretary said India will borrow 2.45 trillion rupees ($36.63 billion) during the October-March period. Net borrowing in the second half of the year would be about 1.77 trillion rupees.

($1 = 66.8800 Indian rupees)

Reporting by Neha Dasgupta and Nidhi Verma; Editing by Amrutha Gayathri

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