NEW DELHI: Any intervention via India's central financial institution may not do much to stabilise the rupee as a fall in the currency is due to international elements, a senior finance ministry reputable mentioned on Tuesday.
Subhash Chandra Garg, secretary on the division of monetary affairs, mentioned the rupee was still appearing better than another currencies, and that the rustic had sufficient foreign currency echange reserves.
"As currencies of other economies are also depreciating, intervention by the Reserve Bank of India (RBI), by selling dollars in the country, will not help much at this stage for stabilising the rupee," Garg instructed newshounds. "Even if the rupee falls to 80, it will not be a concern provided all other currencies depreciate."
He mentioned the RBI has spent about $23 billion thus far to interfere available in the market.
Subhash Chandra Garg, secretary on the division of monetary affairs, mentioned the rupee was still appearing better than another currencies, and that the rustic had sufficient foreign currency echange reserves.
"As currencies of other economies are also depreciating, intervention by the Reserve Bank of India (RBI), by selling dollars in the country, will not help much at this stage for stabilising the rupee," Garg instructed newshounds. "Even if the rupee falls to 80, it will not be a concern provided all other currencies depreciate."
He mentioned the RBI has spent about $23 billion thus far to interfere available in the market.
RBI intervention may not do much to stabilise rupee: Govt
![RBI intervention may not do much to stabilise rupee: Govt]()
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August 15, 2018
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