Fed emergency rate cuts to near 0 made panic in global market and leads NIFTY to fall more than 10% in single day (Following global)
Steps taken
RBI was widely expected to cut interest rate in an emergency move to help shore up Indian economy amid the rapidly escalating global coronavirus pandemic.
The US Federal Reserve on Sunday night slashed the policy rates to near zero levels.
Similarly, the Bank of England had earlier slashed the rates by 50 basis points.
RBI, meanwhile, has announced to conduct a 6-month dollar/rupee sell/buy swap on March 23. The central bank also announced LTRO of Rs 1 lakh crore in multiple tranches at the policy rate.
Steps taken
RBI was widely expected to cut interest rate in an emergency move to help shore up Indian economy amid the rapidly escalating global coronavirus pandemic.
The US Federal Reserve on Sunday night slashed the policy rates to near zero levels.
Similarly, the Bank of England had earlier slashed the rates by 50 basis points.
RBI, meanwhile, has announced to conduct a 6-month dollar/rupee sell/buy swap on March 23. The central bank also announced LTRO of Rs 1 lakh crore in multiple tranches at the policy rate.
NIFTY support as follows