'We managed to move the needle forward a little bit'

Investing.com

India's central bank on Tuesday made its last policy decision under Raghuram Rajan.

The Reserve Bank of India held rates at 6.50%, as economists were expecting. It added that there was upside risk to the inflation target.

The Indian rupee was little changed at 66.767 per dollar as of 12:55 p.m. ET.

"We managed to move the needle forward a little bit," Rajan said at the following press conference.

"Snap judgments either by critics or supporters don't really matter. What matters is how these [measures] play out in the longer run for stronger and sustainable growth for the country, for job creation, movement into middle income," he added, according to the Times of India.

"That is something you can see only with the benefits of 5-6 years of experience and to know whether it was appropriate. In our view, the measures that we have taken in the RBI were and are justified given the condition that we have."

It was announced in June that Rajan would not be seeking another term. Reuters reported at the time that he "increasingly felt he lacked support from is political bosses."

Given that Rajan is an extremely respected figure on the global stage and is credited with restoring India's macroeconomic stability, news of his departure somewhat unnerved investors.

As for the rest of the world, it's pretty quiet out there.

Here's the scoreboard as 12:55 p.m. ET.

• The British pound is weaker by 0.3% at 1.3002 against the dollar. Earlier in the day, the currency slipped below 1.3000 for the first time since early July. Data showed that manufacturing production fell 0.3% month-over-month in June, below expectations of 0.2%.
• The Japanese yen is stronger by 0.5% at 101.97 per dollar.
• The US dollar index is down 0.2% at 96.20.
• The Australian dollar is stronger by 0.3% at .7670 per dollar.

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