New Delhi, Nov 16: As the rupee depreciated to a new 32-month low against the US dollar, Finance Minister Pranab Mukherjee today said the Reserve Bank is monitoring the situation and will intervene in the forex market “as and when necessary”.
“As RBI has already mentioned, it is watching the situation. As and when it is necessary, they will intervene” Mukherjee told reporters on the sidelines of CAG event.
His comments came a day after the apex bank said that it will intervene in the foreign exchange market only to arrest volatility.
“We intervene when there is a very strong movement in a particular direction or extreme volatility and the objective is to smooth that volatility and not fix a rate,” RBI Deputy Governor Subir Gokarn had said yesterday.
From: http://ping.fm/Jb9SY
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