The Reserve Bank Of India (RBI) noted in a statement today that globally, financial markets have been experiencing considerable volatility, with the spread of the coronavirus triggering risk-off sentiments and flights to safe haven. Spillovers to financial markets in India have largely been contained.
Growing hopes of coordinated policy action to mitigate broader fallout to economic activity has boosted market sentiment today. The Reserve Bank of India is monitoring global and domestic developments closely and continuously and stands ready to take appropriate actions to ensure orderly functioning of financial markets maintain market confidence and preserve financial stability.
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