The Reserve Bank of India is unlikely to ease rates in its - TopicsExpress

The Reserve Bank of India is unlikely to ease rates in its upcoming credit policy, says Indranil Sengupta, chief economist-India, Bank of America Merrill Lynch.Sengupta says until the Fed takes a call on tapering its bond buying program and until the RBI itself sees the results of its rupee-dollar swap scheme, it will not ease any rates. Additionally, Sengupta says that the Indian currency, that has been hammered severely in the past few days, is undervalued by 30-40 percent. "But the move by the new RBI Governor, Raghuram Rajan to raise forex reserves is most welcome. If the RBI continues to address the core of the problem which is falling forex reserves then they will be able to anchor rupee expectations," he adds.

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