Enough pressure on RBI as rupee

Enough


There is enough pressure for the RBI to do something unusual amidst sharp depreciation in the value of rupee, says Jamal Mecklai, CEO at Mecklai Financial Services, adding that he generally feels the sentiment is negative. The Reserve Bank of India's decision last week to hike key policy rates by 40 basis points in an off-cycle meeting has surprised everybody. However, Mecklai, in a telephone interview with IANS, said: "It was obvious that the US Fed was raising rates that particular night and if US policy rate goes up, the Indian rupee would come under pressure. So for several months, the RBI has been protecting the rupee and probably they feel the rupee has depreciated too much so let us take action to control it." From here, where does the rupee go or will the tide turn or whether the RBI will be able to manage, he said "I don't know and nobody knows." (/IANS)




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