India

The result of the RBI Reverse Repo auction held today is as under:

The Reserve Bank of India today placed Working Paper titled "An Empirical Analysis of Monetary and Fiscal Policy Interaction in India (www.rbi.org.in/scripts/PublicationsView.aspx?id=13841) " by Janak Raj, J.K. Khundrakpam and Dipika Das In a cross-country context, there has been a renewed interest in analysing the interaction between fiscal and monetary policies in the recent years. Several factors have contributed to this trend. These include: i) increasing independence of central bank in the conduct of monetary policy; ii) Stability and Growth Pact (SGP) and formation of European Monetary Union (EMU) under which individual countries pursue independent fiscal policies, but have a common monetary policy; and iii) the demonstrated need for a coordinated response of monetary and fiscal policies during the recent global crisis.

The Reserve Bank of India’s Reference Rate for the US dollar is `49.0333 and the Reference Rate for Euro is `66.8029 on October 11, 2011. The corresponding rates for the previous day (October 10, 2011) were `49.0710 and `66.1670 respectively. Based on the Reference Rate for the US dollar and middle rates of the cross-currency quotes, the exchange rates of GBP and JPY against the Rupee are given below:

The result of the RBI Repo auction held today is as under: