Monitoring coronavirus impact on markets, ready to take action: RBI

The outbreak of coronavirus and subsequent spread to geographies across the world has adversely affected the financial markets

The Reserve Bank on Tuesday said it is closely monitoring global as well as domestic situation regarding the impact of deadly coronavirus and ready to take necessary action to ensure orderly functioning of financial markets.

Globally, financial markets have been experiencing considerable volatility, with the spread of coronavirus, triggering risk-off sentiments and flights to safe haven, the Reserve Bank of India (RBI) said in a statement.

Spillovers to financial markets in India have largely been contained. Growing hopes of coordinated policy action to mitigate a broader fallout to economic activity has boosted market sentiment today.

"The Reserve Bank of India is monitoring global