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RBI: Curbing Rupee volatility priority
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Print KOLKATA: The Reserve Bank of India (RBI) has made it clear on Friday that its prime objective is to curb the currency volatility and it will do the needful to rein in the rupee fall. "I think the steps we have taken have all contributed in someway to stabilizing (the currency) and if we need to take more steps, clearly they will be in that direction ," said Subir Gokarn, deputy governor, RBI.
Gokarn’s statement has assumed significance as it came on a day when the rupee nosedived to a life-time low of 54.91 against the dollar on Friday, the third consecutive daily on record-low mark.
"Curbing volatility or containing volatility is clearly our objective. We are very focused on that. At the same time, we don’t want to come in the way of any end use of foreign currencies whether it is for importers or anybody else to be stifled or constrained. So we want to balance these two objectives ," he said on the sidelines of ICC Banking Summit 2012. He pointed out that there has been huge global pressures to which rupee has reacted.
"Now in the last two or three days, the pressures have been global. We have seen rupee responding to very strong global forces just as virtually every other currency in the emerging markets space as well as elsewhere has been responding. So we want to be sure that when we take any action there is some scope for impact," Gokarn added.
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