Reported about 10 hours ago
The Reserve Bank of India (RBI) has defended its stringent control over the rupee, asserting that maintaining currency stability is vital for shielding the economy from global financial crises. In its monthly bulletin, the RBI emphasized that its interventions in the forex market are necessary to manage volatility and that the rupee's value reflects market demand and the nation's economic fundamentals. The central bank also highlighted that India's trading competitiveness remains intact without relying on an undervalued currency, despite the rupee's recent decline against the dollar.
Source: YAHOO