'We managed to move the needle forward a little bit'

India’s central bank made its last policy decision under
Raghuram Rajan.
The Reserve Bank of India held rates at 6.50%, as economists were expecting. It added that there is upside risk to the inflation target.

The Indian rupee is little changed at 66.876 per dollar as of 8:20 a.m. ET.

“We managed to move the needle forward a little bit,” Rajan said at the following press conference.

“Snap judgments either by critics or supporters don’t really matter. What matters is how these [measures] play out in the longer run for stronger and sustainable growth for the country, for job creation, movement into middle income,” he added, according to the Times of India.

“That is something you can see only with the benefits of 5-6 years of experience and to know whether it was appropriate. In our view, the measures that we have taken in the RBI were and are justified given the condition that we have.”

Earlier in June, it was announced that Rajan would not be seeking another term, reportedly due to the fact that he “increasingly felt he lacked support from is political bosses,” according to Reuters.

Given that Rajan is an extremely respected figure on the global stage, and is credited with restoring India’s macroeconomic stability, news of his departure somewhat unnerved investors.

As for the rest of the world, it’s pretty quiet out there.

Here’s the scoreboard as 8:07 a.m. ET.

  • The British pound is weaker by 0.5% at 1.2975 against the dollar. This is the first time the currency has slipped below 1.30 since early July. Earlier in the day, data showed that manufacturing production fell 0.3% month-over-month in June, below expectations of 0.2%.
  • The Japanese yen is stronger by 0.2% at 102.27 per dollar
  • The US dollar index is little changed at 96.42 ahead of another light economic data day. Wholesale inventories will cross the wires at 10 a.m. ET.
  • The Australian dollar is stronger by 0.2% at .7663 per dollar

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