Under the present dispensation, the Reserve Bank of India (RBI) releases its macroeconomic document at 5 p m, one day before the announcement of the policy review and after the markets are closed. The policy announcement takes place at 11 a m the next day but the markets open an hour earlier. One observes frantic activities and contradictory movements in the values of shares and securities depending on the interpretation of the market functionaries on RBI’s macro document aided by expert analysis on television channels. As a result, fortunes are made or lost depending on the final outcome. Would it not be desirable for the policy review to be released an hour earlier to coincide with the opening of the market to discourage speculation?
A Seshan Mumbai
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