RBI Keeping a Close Eye on the Rupee

16 November 2011 - Which Way to Pay

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RBI Keeping a Close Eye on the Rupee

The finance minister Pranab Mukherjee today announced that the Reserve Bank of India will continue to monitor the rupee as the currency dips to a 32-month low against the US dollar. Pranab also said that the RBI will intervene in the forex market ‘as and when necessary’.

These comments come just one day following a statement from the central bank saying that it will intervene in the foreign exchange market only in volatile circumstances.

The Deputy Governor of the Reserve Bank Subie Gokarn said that they will ‘intervene when there is a very strong movement in a particular direction or extreme volatility’ and that the bank does not aim to ‘fix a rate’ but to ‘smooth that volatility’.

Today saw the rupee fall by 24 paise to the lowest level seen in 32 months, trading at Rs50.91 against the US dollar as the euro fell on news that the debt crisis is deepening. This means that the Indian rupee is the most depreciated currency in Asia, and the fourth most depreciated currency in the world.

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