RBI does not target any specific Rupee level, focuses on curbing volatility, says Governor Sanjay Malhotra

What happened: RBI Governor Sanjay Malhotra said the central bank does not target any specific level for the rupee and intervenes in the forex market only to address speculative activity or sharp fluctuations. Key numbers: Rupee had neared Rs 97 per dollar before recovering. GDP growth was 7.8 per cent. Why it matters: The remarks came amid heightened debate over the rupee's movement against the dollar. Malhotra said India's macroeconomic fundamentals remain robust and current inflation is elevated but within the tolerance band.

RBI Governor Sanjay Malhotra said the central bank does not target any specific level for the rupee and intervenes in the forex market only to address speculative activity or sharp fluctuations.

The remarks came amid heightened debate over the rupee's movement against the dollar. Malhotra said India's macroeconomic fundamentals remain robust and current inflation is elevated but within the tolerance band.