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ICICI Bank treasury head Jhingan on RBI Policy
This story was originally published at 14:45 IST on 5 June 2026
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MUMBAI - Shailendra Jhingan, head of treasury and economic research at ICICI Bank, said the following on the Reserve Bank of India's second bi-monthly monetary policy statement for 2026-27 (Apr-Mar) detailed Friday:
The RBI unveiled a bazooka of measures today. With capital inflows incentivised, the RBI has effectively anchored the exchange rate. This will give importers some comfort and likely lead to increased hedging activity from exporters.
We expect the rupee to appreciate even past 94 a dollar as these measures come into effect. The RBI is likely to allow the positive impact to play through rather than sterilising it by materially reducing its forward book. Market intervention may reduce.
The removal of the withholding tax enhances returns for foreign portfolio investors, which could lead to some inflows into bonds. The tax changes and increase in FAR (fully accessible route) bonds show better access for foreign investors and make a stronger case for the inclusion (of India's bonds) on Bloomberg's Global Aggregate. End
As told to Aaryan Khanna
Filed by Avishek Dutta
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