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October 8, 2001
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RBI to maintain easing bias

Reserve Bank of India Governor Bimal Jalan said on Monday that the central bank would maintain its easing interest rate bias for the moment.

"As of now, yes," Jalan told reporters when asked whether the RBI would continue with its softening rate bias.

Jalan added that the US air strikes on Afghanistan overnight should not affect the Indian economy. "Don't worry about the economy, that's what I am telling you," he replied when asked about the economic effect of the US strikes.

He said the RBI was standing ready to maintain order in the foreign exchange market. "We (the RBI) are watching the situation," he said. "The RBI is there to meet any temporary demand-supply imbalances."

"Orderly conditions will be maintained in the market," he said. "We have $45 billion of foreign exchange. (As far as) the external sector, we are quite comfortable as of now."

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