Speaking on the rupee for the first time since it came under pressure this year, RBI governor Urjit Patel said on Friday that the exchange rate was determined by demand and supply and that it was not bound by a ringed fence or fixed target. Patel, who surprised markets by keeping key rates on hold, said the mandate of the central bank’s monetary policy was to target inflation while its forex operation only sought to eliminate volatility.
Speaking on the rupee for the first time since it came under pressure this year, RBI governor Urjit Patel said on Friday that the exchange rate was determined by demand and supply and that it was not bound by a ringed fence or fixed target. Patel, who surprised markets by keeping key rates on hold, said the mandate of the central bank’s monetary policy was to target inflation while its forex operation only sought to eliminate volatility.
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