Whalesbook
Reserve Bank of India Governor Sanjay Malhotra stated that the central bank does not target a specific level for the Indian Rupee (INR). He assured investors of robust foreign exchange reserves, dispelling concerns about the currency's depreciation. Malhotra explained that the INR's movement is driven by demand and supply dynamics for the US dollar. He also expressed optimism about a beneficial trade deal with the US that could ease pressure on India's current account balance. This comes as the INR has depreciated 3.6% recently, amidst FPI outflows and broad US dollar strength.