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21

India’s New Central Banker Faces Nervy Markets After Rajan Rally

By Tony Seruga

Third Quarter Review Of Monetary Policy 2012-13

Urjit Patel.

Photographer: Abhijit Bhatlekar/Mint via Getty Images

Patel’s inflation hawk reputation seen reducing rate-cut odds
Bonds, stocks rallied over final weeks of Rajan’s term

Investors in Indian markets have a recent rally in bonds and stocks to thank for any nervousness Urjit Patel’s appointment as central bank boss is causing.

Benchmark 10-year bond yields dropped to a seven-year low and the S&P BSE Sensex has surged 5 percent since current governor Raghuram Rajan announced on June 18 that he won’t seek another term. Rupee forwards advanced 0.1 percent as of 8:21 a.m. in Singapore on Monday, after Patel’s appointment was announced Saturday. The currency fell 0.4 percent on Friday…

India’s New Central Banker Faces Nervy Markets After Rajan Rally

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