The Raghuram Rajan effect: Stocks rally, bond yields crash

Dec 18 2013, 22:25 IST
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"Your Volcker, Yellen etc... how about a Raghuram Rajan (effect)?" RBI Guv quipped. PTI
SummaryRBI Guv Raghuram Rajan moved to shed his hawkish inflation stance and surprised the markets.

concessional swap windows the central bank had opened between September 4 and November 30.

RBI has no plans to buy dollars directly from the market, he said. "We are not targeting an exchange rate and, therefore, not going into the market and buying reserves at this point to increase the foreign exchange reserves."

State-run oil marketing companies have about USD 7 billion in pending settlements after they availed of the central bank's special swap window to meet their dollar needs.

OMC had swapped USD 12 billion from the separate oil window which was opened from August 28 to the first week of December.

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