International Business

Govt borrowing to put pressure on interest rates: Rangarajan

The huge government borrowing is likely to put pressure on interest rates in the remaining part of this fiscal, Member of Parliament and former Reserve Bank Governor C Rangarajan said today. This year the government borrowing will be four times than projected in the 2008-09 Budget. This is going to be a large borrowing. It will put some pressure on interest rates, Rangarajan told reporters at the Skoch summit being held here. Asked about the chances of the Chinese Yuan replacing the US dollar as reserve currency, Rangarajan said he did not expect that to happen immediately. I do not think that it will happen immediately, he said.

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