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Our Bureau

Hyderabad, May 3

The Reserve Bank of India has said that it is carefully watching the oil prices.

Talking to reporters on the sidelines of the 39th Annual Meeting of ADB Board of Directors here on Wednesday, Dr Y.V. Reddy, the RBI Governor, said nobody could tell confidently that $76 is the permanent component.

"But on a judgmental basis the permanent component might have to be passed through," he said. The pass-through was not dependent on the daily oil price movement. "It is important to watch where the permanent component would settle at. My own feeling is that it's not a question of reacting to today's oil prices. But it's a question of careful monitoring of the developments," he said. On predictions of a below-normal rainfall, the Reserve Bank Governor said that the bank would stick to the forecast of 7.5-8 per cent growth in GDP despite the prediction. — Our Bureau

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