"I wish to reassure the markets that our macroeconomic factors are under control as the economy is in a much better position relative many other economies," Rajan told the national banking summit organized by the IBA and Ficci
The Governor also hinted at lower rates, saying the RBI will look at emerging room for more accommodation on the back of lower commodity prices, astute food management by the government and strong anti inflation policy stance of the central bank.
Rajan however said rupee has strengthened against yen and euro, and RBI has resources to deal with rupee volatility. In its biggest intra day crash this year, the market benchmark Sensex plunged by 1,006 points while Nifty fell below 8,000 level in early trade today due to heavy selling by funds amid global sell off as worries about China's economy deepen.
Asian markets were also in deep red with Shanghai shares crashing 8 percent on concerns that the Chinese economy was slowing more than previously thought. Taking cues from global markets, the Sensex nosedived 1,006.54 points, or 3.67 percent, to 26,359.53 the biggest fall in day trade in 2015.
The broader Nifty also dipped below the 8,000 level by tumbling 309.05 points, or 3.72 percent to 7990.90 in early trade. All 50 constituents of Nifty are in red with Tata Motors and ONGC losing the most up to 6 percent.


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