“The country’s central bank raised a key funding rate 200 basis points to 10.25pc and took steps to drain money from India’s financial system, even though the economy is stalling and risks a hard landing. Foreign funds have been selling India debt at a record pace since late May, causing a 7pc fall in the rupee. Brazil and Indonesia have both had to tighten policy after a sharp slide in their currencies. Turkey signalled this week that it can longer afford to keep burning foreign reserves to protect the lira, and may have to raise interest rates instead. Nomura said India’s clamp-down is comparable to the funding squeeze last month by China’s central bank.”
India takes drastic steps to defend rupee as global Fed shock deepens
- Post author:The Freedom Watch Staff
- Post published:July 18, 2013
- Post category:Network Archives
Tags: Asia, Bankocracy, CLibertyC, constitutional liberty coalition, economic Trends, Economics, for life and liberty, Investment/Trends, Mainstream News, Resistance, sound money, The Freedom Watch, What Could Possibly Go Wrong
The Freedom Watch Staff
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