Notwithstanding the over 7% depreciation of the Indian rupee against the US dollar, the Reserve Bank of India (RBI) has decided to ensure that the rupee finds its level in an orderly evolution, but it would have zero tolerance for volatile and bumpy movements..
“We will continue to engage with the forex market and ensure that the rupee finds its level in line with its fundamentals,” RBI Governor Shaktikanta Das said on July 22, 2022.
“I would like to reiterate that we have no particular level of the rupee in mind, but we would like to ensure its orderly evolution and we have zero tolerance for volatile and bumpy movements,” he said while addressing the annual banking conference of Bank of Baroda in Mumbai.
