RBI will now support the collapsing stock market, assisting $ 2 billion

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New Delhi, March 12, 2020 Thursday

The Reserve Bank of India will help the market for $ 2 billion (14 thousand crore) to compensate for the stock market losses from the Corona virus.

It will market this amount through a dollar-rupee swipe window. The stock market is constantly setting a record of declines. Today, the Sensex closed more than 2900 points, the biggest decline in a single day.

According to a circular issued by the Reserve Bank, the market needs a dollar. Because of this it will implement the swipe program for six months. It is being launched on March 16, 2020.

The Reserve Bank now has a large dollar reserve. On March 6, the central bank had a reserve of $ 487.24 billion. In coming, he is fully capable of helping the market.

He is also eyeing a drastic decline in the rupee. Today, the rupee has reached the lowest level of 17 months against the dollar.

India's current account deficit (CAD) fell to 0.2 per cent of GDP in the December quarter. India's CAD stood at $ 1.4 billion in the December quarter.

In the second quarter, it was 0.9 percent of GDP, compared to 2.7 percent a year earlier. Due to Corona, crude oil prices have dropped drastically, which has reduced India's account deficit.

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