The Reserve Bank of India (RBI) will not be under pressure to tighten its monetary policy even if the US Federal Reserve (Fed) increases interest rates further, Chief Economic Advisor (CEA) V Anantha Nageswaran on Thursday said.
The Fed on Wednesday held interest rates with Fed Chair Jerome Powell saying the US central bank could raise them again if progress on cooling inflation stalled.
"If the Fed were to hike 25 basis points, or even two times, that will not put pressure on the RBI to follow suit," Nageswaran told Bloomberg Television on the sidelines of the Barclays Asia Forum in Singapore.
The CEA held the RBI's rate cycle had not been so tightly linked to that of the Fed because India's external balances and financial stability were much better than they were 10 years ago, when India was part of the taper tantrum countries.
"The Indian rupee among Asian currencies this year has been the most stable.
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