RBI Governor Shaktikanta Das said on Wednesday that despite the rupee recent downward trend, which saw it even cross the 83 level against the US dollar,
During his speech at the FICCI Banking Summit in Mumbai. Das predicted that capital flows will pick up again since the US Federal Reserve would not be using rate hikes for a while.
RBI’s MCP Meeting on Inflation.
It is expected that the Federal Reserve would raise interest rates to combat the inflationary trend.
The RBI’s Monetary Policy Committee (MPC) is due to meet on Thursday to consider its response to the government for failing to maintain inflation under its tolerance level of less than 4%.
Das remarked that before the launch of the Central Bank Digital Currency (CBDC). RBI needs to work out all of the kinks.
The RBI started testing the digital rupee on Tuesday.
According to him, the launch of the e-rupee marked a turning point in the country’s history of currency and will fundamentally alter how transactions & business are carried out.