RBI MPC meeting: Forex policy has remained consistent, does not target any exchange rate, says Governor Sanjay Malhotra
Reserve Bank of India Governor Sanjay Malhotra on Friday said the bank's forex policy has remained consistent, in favour of orderly and stable market operation and it does not target any exchange rate.
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India's foreign exchange reserves had settled at $629.55 billion, up $5.5 billion as of the week ending January 24. The forex reserves had increased to an all-time high of USD 704.885 billion in end-September.
The reserves had been on a declining trend for the last few weeks, and the drop has been attributed to revaluation, along with forex market interventions by RBI to help reduce volatilities in the rupee.
The Rupee declined to a record low of 87.5825 during the session on Thursday before closing at 87.5775, down 0.1 per cent on the day and more than 2 per cent so far this year.
RBI announced a 25 basis point reduction in the repo rate, lowering it to 6.25 per cent. This was the first cut in five years.
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