Rediff.com » Business
RBI intervenes in forex markets to smooth volatility: Subbarao
By Swati Bhat
July 18, 2013 14:11 IST
The Reserve Bank of India lets the exchange rate be market determined but intervenes to smooth volatility and prevent disruptions to macro-economic stability, Reserve Bank of India Governor Duvvuri Subbarao said in a speech in London on Wednesday.
"We let our exchange rate be largely market determined, but intervene in the market to smooth excess volatility and/or to prevent disruptions to macroeconomic stability," Subbarao said, according to a copy of the speech posted on the RBI web site on Thursday.
Subbarao also said credible fiscal consolidation is a pre-condition for stabilising inflation and in securing non-inflationary growth.
Image: D Subbarao
Source:
REUTERS© Copyright 2024 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
Recommended by Rediff.com
Chelsea make straight-cash bid for Man United's Rooney
Rupee weakens ignoring govt's FDI steps
RBI will consider inflation data for policy review: Subbarao
I take pride in doing difficult things: Chris Bosh
SPECIAL: Will microfinance firms make good banks?
© 2024 Rediff.com