India’s foreign exchange reserves contracted by $5.4 billion to $643.16 billion for the week ended on April 12, according to the Reserve Bank of India (RBI).
RBI governor Shaktikanta Das cited robust growth in the Indian economy, underpinned by an upturn in manufacturing and the investment cycle, as grounds to keep interest rates on hold.
RBI's monetary policy committee focuses on uncertainties like supply-side shocks, geo-political tensions, and financial market volatility to meet the 4% inflation target by carefully managing monetary policy tools such as the repo rate.
Chicago Fed President Austan Goolsbee said that inflation progress had “stalled” and the Fed’s current restrictive policy is appropriate.
Atlanta Fed President Raphael Bostic stated that the US central bank wouldn’t cut rates until the end of the year.
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