Market forces decide rupee value, RBI not worried about fluctuation: Guv

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Market forces decide rupee value, RBI not worried about fluctuation: Guv - Business Standard

Quick Summary:

Addressing the media after the meeting of Finance Minister Nirmala Sitharaman with the Reserve Bank board, Malhotra said that the central bank focuses on the value of the rupee in the medium to long term.

Reserve Bank Governor Sanjay Malhotra on Saturday said that the market forces decide the value of rupee with respect to the US dollar and the central bank is not worried about day-to-day movement of the currency value.

On the impact of the depreciation of the rupee against the US dollar on price rise, the Governor said 5 per cent depreciation impacts domestic inflation to the extent of 30-35 bps.