RBI does not target any specific rupee level, says governor Sanjay Malhotra | Stock Market News
In a statement on Thursday, Reserve Bank of India Governor Shaktikanta Das said that the central bank does not target any specific level for the rupee. The comments come in the wake of a question regarding whether the RBI is looking at a new level for the Indian rupee. The governor emphasized that the RBI intervenes in the foreign exchange market only to curb undue volatility and not to target any specific exchange rate.

Global Market Situation:

Regarding the global economic scenario, Governor Das pointed out that the situation is fragile, with uneven growth prospects across different countries. He highlighted the need for monetary policy to focus on supporting growth while also ensuring price stability.

RBI Policy Stance:

The RBI governor reiterated that the central bank remains committed to maintaining adequate liquidity in the system to support economic recovery. He also emphasized the importance of anchoring inflation expectations to the target set by the Monetary Policy Committee.

Economic Recovery:

On the domestic front, Governor Das mentioned that India’s economic recovery is gaining traction but warned about the emergence of new COVID-19 variants as a key risk to the growth outlook. He stressed the need for continued policy support to nurture the recovery process.

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  RBI does not target any specific rupee level, says governor Sanjay Malhotra
  
  The rupee has been in a firm downward trend, weighed by US President Donald Trump’s trade policies, including tariffs against India, and geopolitical tensions
  
  India’s central bank does not target any price level on the rupee, governor Sanjay Malhotra reiterated at an International Monetary Fund and World Bank event on Wednesday.
  
  The rupee has been in a firm downward trend, weighed by U.S. President Donald Trump’s trade policies, including tariffs against India, and geopolitical tensions.
  
  The Reserve Bank of India’s (RBI) frequent interventions have kept the rupee from breaching its all-time low of 88.80, last touched on September 30.
  
  “We believe in the markets to decide what the level should be… Our effort really is to ensure that there is an orderly movement of the rupee both sides, and any undue or any abnormal volatility is curbed,” he said.
  
  The RBI intervened heavily in the currency market on Wednesday to shore up the rupee, traders said, mirroring the central bank’s moves to defend the local currency in February.
  
  Malhotra also said the RBI wants to promote its central bank digital currency (CBDC) over stablecoins or cryptocurrencies.
  
  Earlier this month, the RBI launched a retail sandbox for CBDC, allowing fintech firms to build and test solutions as part of the ongoing pilot.
  
  Earlier this month, the RBI launched a retail sandbox for CBDC, allowing fintech firms to build and test solutions as part of the ongoing pilot.
  
  Prime Minister Narendra Modi’s government has for several years debated drafting a law to regulate or even ban cryptocurrencies but has not made a final decision.
  
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