We are not “excessively aggressive” – RBI’s Rajan

FXStreet (Mumbai) - The Reserve Bank of India (RBI) governor Raghuram Rajan today said he does not think the bank was “excessively aggressive” in announcing a 50 basis point (bps) rate cut today.

Rajan said the drop in the commodity prices allowed for a 50 bps rate cut and added further that there is scope for a non-inflationary growth as corporate investment has been weak. “We have to live in turbulent waters for a little while longer as suggested by global environment”, said Rajan.

So far the governor has refrained from making comments on the INR exchange rate.