Ready for impact of possible debt default by US: RBI | business | Hindustan Times
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Ready for impact of possible debt default by US: RBI

India has sufficient liquidity to manage a possible debt default by the United States, and the Reserve Bank of India is prepared for any resulting repercussions in the financial markets, governor Duvvuri Subbarao said today.

business Updated: Jul 26, 2011 22:32 IST

India has sufficient liquidity to manage a possible debt default by the United States, and the Reserve Bank of India is prepared for any resulting repercussions in the financial markets, governor Duvvuri Subbarao said on Tuesday.

The country has had scheduled bilateral consultation with the United States, but the RBI was not a part of the talks and the discussion did not concern the US debt impasse, Subbarao said at the post policy press conference.

Earlier on Tuesday, RBI raised interest rates by a higher-than-expected 50 basis points, its 11th since March 2010, stepping up its fight against persistently high inflation despite slowing growth in Asia's third-largest economy.