Economics
Patel's Exit Roils Indian Markets Already Jittery From Vote
- Central bank chief quit on Monday citing ‘personal reasons’
- Modi’s ruling party faces electoral losses in key state
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Urjit Patel’s shock exit as governor of the Reserve Bank of India roiled financial markets already nervous about early election results showing Prime Minister Narendra Modi’s ruling party losing support in key states.
The rupee dropped as much as 1.6 percent against the dollar in early trading on Tuesday, reacting to Patel’s decision to quit nine months before the end of his three-year term for “personal reasons.”