Gandhi Wednesday hit out at Prime Minister Narendra Modi questioning his silence over the falling value of the Indian Rupee.
The BSE Sensex fell over 200 points and the NSE Nifty dropped below the 11,000-level in early trade Wednesday after the rupee dropped to a new low amid sustained foreign fund outflows and surging crude oil prices. Concerns over tariff war and an emerging market sell-off in Turkey and Argentina also weighed on investor sentiment. "Till when will the 56-inch chest be on "silent mode", he tweeted and asked what happened to the promise of "achche din".
He said: "You can not wish away the depreciation in the rupee if you are a current account deficit country".
To alleviate cash crunch fears, the RBI has unexpectedly outlined a large bond purchase programme worth 340 billion rupees ($4.61 billion) for October on top of 200 billion rupees of purchases last month.
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Mr Prasanna went on to reason that India would not want to "fall behind the curve in terms of interest rate differential given that central banks globally are raising interest rates".
The 10-year gilt yield closed at 8.112%, up over 12 basis points from its previous close of 7.988%.
DBS economist Radhika Rao also predicted a rate hike.
Anindya Banerjee, deputy vice president, currency derivatives at Kotak Securities, added: "The RBI is ready to keep real rates high because the policy mandate is to anchor inflation".
In the latest of a series of attempts to calm markets, the government late on Wednesday said it would allow state oil marketing companies (OMCs) to raise $10 billion in overseas loans to help them cover the sharp rise in price for imported oil.
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