Reserve Bank of India Joins Global Peers To Calm Markets

By Sophia Rodrigues

The Reserve Bank of India is the latest central bank to issue a statement to calm financial markets as risks from coronavirus outbreak grow.

In a statement Tuesday, the RBI said it “is monitoring global and domestic developments closely and continuously and stands ready to take appropriate actions to ensure orderly functioning of financial markets, maintain market confidence and preserve financial stability.”

The RBI issued the statement despite noting that spillovers from volatility in global financial markets to India’s financial markets have largely been contained. The RBI also pointed to the boost in market sentiment observed on Tuesday following growing hopes of coordinated policy action to mitigate the fallout to economic activity.