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FM fears adverse effect on markets

PC says the adverse effect can arise from currency controls imposed by Thailand which rattled markets in Asia.

india Updated: Dec 20, 2006 18:58 IST

Finance minister P Chidambaram on Wednesday allayed fears of any adverse effect on the Indian markets arising from currency controls imposed this week by Thailand which rattled stock markets across Asia, including India.

"I spoke to the RBI Governor. We don't expect any fallout (of Thailand's move) on India," Chidambaram said but added that India had to wait and watch to see what the Thai central bank does now.

The Central Bank of Thailand on Tuesday imposed currency controls on international investors, triggering major speculative pressure on Indian stocks. The 30-share index, Sensex, tumbled 349 points at the close and 511 points during intra-day trading on Tuesday.

The Thai government later partially lifted the controls, confining them to only bonds and debt papers and exempting equities markets from the restrictions.