Reserve Bank Governor DuvvuriSubbarao left rates unchanged as expected and scaled down economic growth projections in his swan song monetary policy announcement whose hardline tone presaged more pain for the economy and, in the process, roiled markets. Subbarao, who retires in September after five years at the helm of the central bank, on Tuesday refused to signal a timeline for rolling back the recent liquidity squeeze undertaken to defend a sliding rupee, and warned that these actions had consequences. "We are determined to control volatility in the exchange rate," he told a news conference after unveiling the monetary policy review.
Source : Economic Times
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