India's financial system is strong: RBI
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A day after global credit rating agency, S&P cut India's outlook to negative, the Reserve Bank of India today said the country's financial system is strong, and sometimes these ratings are discounted by the markets.
RBI Deputy Governor K. C. Chakrabarty also said the Reserve Bank will intervene in the forex market only if there is high volatility in the currency market, not just because of the ratings. He said the central bank will come out with its next financial stability report in June, which showcases the country’s financial strength, and it will reflect the position of the economy.
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