Amid volatility in the global financial markets due to the concerns over the economic impact of coronavirus outbreak, the Reserve Bank of India (RBI) said that it is monitoring the situation and is ready to take appropriate actions.
“The Reserve Bank of India 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 central bank said in a release issued on Tuesday.
Globally, the financial markets have been experiencing considerable volatility with the spread of the coronavirus ,triggering risk-off sentiments and flights to safe haven, RBI noted.
It also said that the spillovers to financial markets in India have largely been contained.
“Growing hopes of coordinated policy action to mitigate a broader fallout to economic activity has boosted market sentiment today,” the statement added.
Earlier, highlighting concerns over the impact of deadly coronavirus on the domestic as well as the global economy, Organisation for Economic Cooperation and Development (OECD) lowered its India's GDP growth forecast to 5.1 percent from the earlier projection of 6.2 percent for 2020.
First Published: Mar 3, 2020 3:53 PM IST
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