RBI’s Malhotra: Indian Rupee may be undervalued
Reserve Bank of India (RBI) Governor Sanjay Malhotra said that the Indian Rupee (INR) may now be undervalued following its recent depreciation, Reuters reported on Monday.
Malhotra further stated that the Indian central bank does not target any specific level for the currency, emphasizing that the RBI stands ready to intervene if speculative pressures build up.
RBI Governor said the central bank has enough tools in its kit, including nearly $700 billion in reserves to quell any undue speculative movement. He added that the RBI's primary mandate is to target inflation. "If the evolving inflation trajectory provides policy space, we support growth,” said Malhotra.
Market reaction
At the time of writing, the US Dollar Index (DXY) is trading 0.21% lower on the day at 95.45.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
AUD/USD Price Forecast: Breakdown of H&S pattern keeps the pair under pressure
U.S. Stock Market Preview | Major Index Futures Mixed; Nvidia Plunges Pre-market; Fed Officials' Speeches Incoming
Before the U.S. stock market opens on Thursday, November 12, the three major U.S. stock index futures showed mixed movements.
XRP risks drop to $0.90 as analyst Diana warns of Wave 2 correction
Alphabet (GOOGL.US) Launches Roadshow for HKD and SGD Bond Issuance; May Become a "Touchstone" for Investor Confidence Amid AI Market Volatility
Alphabet (GOOGL.US) has launched the roadshow for its first Hong Kong dollar and Singapore dollar bond issuance, aiming to test investor subscription interest as companies focused on artificial intelligence (AI) face increased market volatility.
Crypto prices
More
