India launches weekly bill auction to save rupee; Japan PM hints at corporate tax cuts; China makes it easier to bail out banks
India sets up weekly rupee bill auction to quell FX weakness; Japan's PM hints at corporate tax cuts; China makes it easier to bail out banks
India’s launch cash management bills auction to stem rupee plunge
The Reserve Bank of India (RBI) said it will auction INR220 billion ($3.6 billion) of government cash management bills every Monday in a bid to support its weakened currency which hit a record low of 61.80 against the US dollar this week. The central bank did not comment on how many weeks the sale would go on, but its recent attempts to buoy the rupee have so far proven ineffective. Economists agree the debt auction was a positive move but more fundamental steps were needed to be taken by the government.
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