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Be ready for US tapering: FM to officials
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SME Times News Bureau | 25 Oct, 2013
Finance Minister P. Chidambaram Thursday asked Indian financial sector
regulators to take concrete measures to avoid any adverse impact of the
US stimulus tapering, saying it is likely to happen sooner or later.
Addressing
the eighth meeting of the Financial Stability and Development Council
(FSDC) here, Chidambaram said the “opportunity available due to the
postponement of the reversal of the monetary policies in advanced
economies should be utilised to further address the macroeconomic
imbalances”.
During the meeting, Chidambaram emphasised that
tapering off of Quantitative Easing (QE) in the US is likely to happen
sooner or later and, as such, regulators must take all possible concrete
measures to avoid any adverse impact on the Indian economy, an official
statement released after the meeting said.
Top financial
regulators, including Reserve Bank of India governor Raghuram Rajan,
finance secretary R.S. Gujral, economic affairs secretary Arvind
Mayaram, financial services secretary Rajiv Takru, and Securities and
Exchange Board of India (SEBI) chairman U.K. Sinha, attended the meeting
chaired by the finance minister.
The US Federal Reserve last
month surprised the markets by deciding to continue with monthly $85
billion bond-buying programme, known as Quantitative Easing (QE) intact,
after nearly three months of speculation that had battered the Indian
as well as other emerging markets currencies and stocks.
According
to a statement released by the finance ministry, the FSDC deliberated
on the implementation of the recommendations of the Financial Sector
Legislative Reforms Commission; impact of tapering off of the
Quantitative Easing in the US and preventive measures to be taken, among
other things.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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