With the Indian rupee under pressure due to global developments and hitting a new low, prompting intervention by the central bank in the foreign exchange (forex) market, Reserve Bank of India (RBI) Governor Shaktikanta Das said that the exchange rate was market-determined and the RBI did not target any specific level.
Speaking at an event organised by private broadcaster CNBC-TV18, Das said, "Our exchange rate policy is well-articulated and has remained consistent over the years. India's exchange rate regime is market-determined, and the Reserve Bank does not target any particular level or band for the exchange rate."
"The RBI intervenes in the forex market to ensure the orderly movement of the exchange rate, curb undue volatility, anchor market expectations, and ensure overall financial stability," he added.
The rupee, which remained relatively stable over the past year and a half, came under pressure following the US Federal Reserve's (Fed's) rate cuts in September and the election of Donald Trump as US president.
The rupee is currently trading at 84.4 to the dollar, marking an all-time low.
"It is important to note that the exchange rate is a barometer of the economy's strength," Das said.
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