, Columnist
India’s Central Bank Says ‘Boo.’ Carry Traders Faint
The currency market saw a bond-buying and money-printing move as detrimental to bets on the rupee. But did the RBI have different intentions?
Was it a sign?
Photographer: Hindustan Times/Hindustan TimesThis article is for subscribers only.
“India joins the money printers.”
That’s how an ING Bank research note describes the Reserve Bank of India’s explicit commitment to buy 1 trillion rupees ($14 billion) in government bonds this quarter. Since this new move has been given a fancy name — Government Securities Acquisition Program — it will probably both extend and expand.