The rupee has gained 1.89 percent against the dollar in the month to date and 2.93 percent in the past six months.
It took three years of collective fiscal profligacy and policy mismanagement to cause this crisis.
Top bankers on Wednesday exuded confidence that Raghuram Govind Rajan, who today took over as the 23rd Governor of the Reserve Bank, has the intellectual prowess to wade through the present difficulties facing the economy and wished him all success for the stint at Mint Road.
RBI Governor flayed easy monetary policy of central banks in advanced economies saying it is "more cause than medicine".
Rajan's exit will neither affect the RBI's de facto independence nor its working.
Rajan's remarks come as the Modi-led government completes one year.
Rescue teams on Friday used GPS coordinates from aerial drone pictures and cell phones, including the last location of people who lived in the landslides-hit areas of Wayanad to help locate survivors, amidst accelerated search operations after the completion of the 190-foot-long Bailey bridge by the Army.
Industrial countries cannot at this point wash their hands off developing economises and say we will do what we need to, and you do the adjustment you need to, says RBI Governor.
Investors will see that India story actually continues to be a good one, he said.
Declining value of the rupee, widening Current Account Deficit (CAD) and the impact of likely tapering of US bond purchases are some of the key issues which will keep Raghuram Rajan busy.
Uber had run into trouble with the RBI over the two-payment process
The new pay scale will come into effect from January 1.
'For every person there is a different way that you show respect for your country...my mother-in-law will say karmayogi is the way to go - do your work.'
Rajan further said the current account deficit would be better in June than in May.
There is little scope for significant monetary easing even in the next fiscal year.
The Reserve Bank on Tuesday nudged banks to cut lending rates.
Underworld don Chhota Rajan's aide Rohit Thangappan, who was behind bars for the murder of senior scribe Jyotirmoy Dey, was on Wednesday arrested in connection with a firing case involving a hotelier, two days after a local court sought his production, the police said.
'RBI and the economy will gain tremendously from Urjit Patel's experience in both private and public sectors'
Former Mumbai police officer Pradeep Sharma has moved the Supreme Court challenging the Bombay high court verdict convicting and sentencing him to life imprisonment in a 2006 fake encounter case.
The decisive election victory for the Narendra Modi-led National Democratic Alliance has created a conducive environment for policy actions and should help in economic recovery, Reserve Bank of India Governor Raghuram Rajan said on Tuesday.
His team has projected a higher growth of 6.1-6.7 per cent in the next fiscal.
Calls for a rethink on why some sectors should get more easy credit than others
RBI has kept interest rate unchanged at 8 per cent since January
Rajan also said the RBI had reduced the current account deficit "substantially".
he feels they are prone to misuse by borrowers, including farmers, and suggested a rate ceiling for loans by micro finance lenders.
By March 28, the reserves rose by a whopping $5.038 billion to $303.673 billion, the second highest in the fiscal.
With the 'busy credit season' which witnesses a spurt in loan demand going up, it would be good to lower the rates ahead of it
Will seek to bring inflation to the mid-point: Rajan
Malayalee From India is trapped within its self-serving corniness and refuses to break free in the process, observes Arjun Menon.
The government's step to curtail fiscal deficit is helping the central bank's monetary policy, Rajan said.
He called on developed countries to play their part in restoring international monetary cooperation.
According to report by Dun and Bradstreet, central bank expected to maintain status quo on policy rate.
The convertibility is RBI Governor's 'next big ambitious goal'.
The government-appointed Financial Sector Legislative Reforms Commission (FSLRC) has recommended a slew of reforms to overhaul the sector.
RBI could opt for a 'deep cut' after winning inflation war, say experts.
The policy will be presented in the backdrop of rising inflation.
"The issue in Iraq is still an area of uncertainty.
The Central Bureau of Investigation has taken over the probe into the murder of Hanif Kadawala, an accused in the 1993 Mumbai blasts case who gave an AK-56 rifle to actor Sanjay Dutt, and registered a case against gangster Chhota Rajan and his accomplices in this regard.
Says impact of crisis in China won't be as big here as in some other countries
RBI Governor Raghuram Rajan, who today surprised markets with a rate hike, defended the move saying a rate cut would not have impacted either banks or borrowers and that bringing down retail prices is the key to sustainable growth.
