{"id":5321,"date":"2018-12-11T05:02:52","date_gmt":"2018-12-11T05:02:52","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/indian-rupee-suffers-after-rbi-chiefs-shock-resignation\/"},"modified":"2018-12-11T05:02:52","modified_gmt":"2018-12-11T05:02:52","slug":"indian-rupee-suffers-after-rbi-chiefs-shock-resignation","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/indian-rupee-suffers-after-rbi-chiefs-shock-resignation\/","title":{"rendered":"Indian rupee suffers after RBI chief’s shock resignation"},"content":{"rendered":"\n
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India’s currency slumped one day after the abrupt resignation of the country’s central bank governor.<\/p>\n

The Indian rupee fell 1.3% against the US dollar and stocks were also lower as investors reacted to his departure. <\/p>\n

On Monday, Urjit Patel resigned from his post midway through his three-year term, citing “personal reasons”.<\/p>\n

His departure comes amid reports of a rift between the Reserve Bank of India (RBI) and the government.<\/p>\n

Stock markets were also in the red, having fallen on Monday after exit polls in state elections showed the ruling party struggling.<\/p>\n

Analysts expected Mr Patel’s resignation would weigh on sentiment and the economy as India prepares for a general election next year.<\/p>\n

Its timing has also raised some concerns about central bank independence in India. <\/p>\n

“Patel’s resignation seems like a protest to the government’s interference,” said Priyanka Kishore, head of India and Southeast Asia economics at Oxford Economics. <\/p>\n

“There are already other concerns weighing on the economy… uncertainty about RBI’s leadership and policy at this point could weigh on growth further.”<\/p>\n

The perception of government intervention in monetary policy can undermine investor confidence and hurt the local currency.<\/p>\n

India will vote in a general election in the first half of next year, with polls due by May.<\/p>\n<\/p><\/div>\n


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Image copyright Getty Images India’s currency slumped one day after the abrupt resignation of the country’s central bank governor. The Indian rupee fell 1.3% against the US dollar and stocks were also lower as investors reacted to his departure. On Monday, Urjit Patel resigned from his post midway through his three-year term, citing “personal reasons”. … <\/p>\n","protected":false},"author":0,"featured_media":5322,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5321","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/5321","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=5321"}],"version-history":[{"count":0,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/5321\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media\/5322"}],"wp:attachment":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=5321"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=5321"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=5321"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}