|Follow us on:|
“The answer is no. I don’t believe that we are in a situation where we have to go to the IMF. We are fairly resilient,” Duvvuri Subbarao said in New Delhi.
Subbarao was responding to a query as to whether the country is planning to approach the IMF for a loan to shore up the balance of payment position.
The central bank left key interest rates unchanged earlier this week.
Indian Prime Minister Manmohan Singh had a brainstorm meet with industry leaders in New Delhi on Monday evening to discuss the economy and investment climate in the country.
“The prime minister wanted a report to be submitted within one month on what can be done in the next 2-3 months,” a PMO statement said.
The Reserve Bank of India was forced to sell dollars as the Indian rupee neared a record low on Wednesday, according to Reuters.
The Indian currency hit a low of 61.17 in early trading on Wednesday.