RBI Rate Cut: Reserve Bank of India (RBI) Governor Shaktikanta Das has said that despite global challenges, the Indian economy is moving ahead smoothly. In a program organized on Thursday, Das said that the country's economy has worked very well and has shown resilience even during the long period of turmoil in recent times.

During this time, he refused to comment on the suggestion of Union Commerce Minister Piyush Goyal to cut interest rates. He said that the Monetary Policy Committee (MPC) will take an appropriate decision in this regard in its next meeting in December. 

In October, the gross inflation was higher than the central bank's target of six percent. Regarding this, Das said that despite fluctuations in inflation from time to time, it is expected to come down. He said that there are many obstacles in the global economy, such as increase in bond yields, fluctuations in commodity prices and increasing geopolitical risks, but despite this the financial markets have shown strength. 

What did Das say on rupee hitting new low?

RBI Governor Das further said, "The Indian economy is moving smoothly, which is being strengthened by strong macroeconomic fundamentals, stable financial system and strong external sector. Amid the rupee falling to a new low, Das said that India's external sector has shown strength and stability in the recent period, as the current account deficit i.e. CAD remains at the level of management. Apart from this, export of goods has increased while the growth of service exports remains strong. 

He stressed that the country has the fourth largest foreign exchange reserves in the world. The foreign exchange reserves of US$ 682 billion as of October 31 are sufficient to pay for the entire foreign debt and imports for one year. The governor also clarified that the RBI does not set any rate for the rupee and these interventions are to ensure orderly movement and prevent instability in the currency.