India's Central Bank Holds Rates, Unveils Measures to Support Rupee Amid Depreciation

Deep News06-05 15:40

India's central bank has introduced a series of measures to support the local currency after the rupee fell to a record low, while keeping its benchmark interest rate unchanged to underpin the economy.

Governor Sanjay Malhotra stated on Friday that these exchange rate measures are expected to strengthen the country's balance of payments position; the bank will continue to make appropriate policy adjustments as needed to further boost exports and attract and incentivize capital inflows.

The actions taken on Friday underscore that despite rising inflation risks from soaring energy costs linked to the conflict in Iran, the Reserve Bank of India is determined to support economic growth. Furthermore, the central bank appears reluctant to raise interest rates to curb price pressures, opting instead for alternative measures to stem the rupee's decline.

The Reserve Bank of India now projects inflation for the fiscal year ending March 2027 to reach 5.1%, higher than the previous forecast of 4.6% and above the 4% target level. However, Malhotra indicated that the central bank is waiting for greater clarity on the inflation outlook before taking further action.

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