Reserve Bank looks for orderly evolution of rupee, says Das

RBI is for an orderly appreciation or depreciation in the currency and is intervening in all market segments to curb volatility, Governor Shaktikanta Das said.

“We don’t have a level in mind, but our endeavor is to ensure there is orderly evolution of rupee in both ways,” Das said in a fireside chat at the Singapore Indian Chamber of Commerce and Industry’s event in the city-state.

The Indian rupee has been on a downward spiral, falling 6.6% in 2022, as fears of a global recession and deteriorating external balances fuel outflows.

The RBI, earlier this month, announced measures to help shore up its foreign exchange reserves that have declined to the lowest in more than 14 months at $588.3 billion as of 1 July.