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RBI’s Credibility Goes Up In Smoke As Urjit Patel Decides ‘Now’ Is As Good A Time As Any To Resign
Well, there goes the RBI's credibility.
Urjit Patel apparently has some undisclosed "personal" issues he needs to work through and in order to free up some time for that, he's going to go ahead and resign, which is obviously terrible news for anyone who was concerned about central bank independence in India.
"On account of personal reasons, I have decided to step down from my current position effective immediately", Patel said Monday.
That of course caused rupee NDFs to weaken - "effective
“Patel knee-jerk” – excellent!
This is why I’m the best.
I broke mine once….the market didnt care.