RBI not interferes in foreign exchange market: Gopalan
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Government on Wednesday said that Reserve Bank of India's policy of not interfering in the foreign exchange market is the proper way of correcting international imbalances. Speaking to reporters on the sidelines of a function in New Delhi, Secretary, Economics Affairs, R Gopalan said that exchange rate management is in the domain of RBI and it is aware of the action to be taken at a given time.
Replying questions on the fall in the value of Indian currency as it tumbled to nearly two-year low of 48.01 rupees against US Dollar in early trade on Wednesday, he said it is making imports, including petroleum products, costlier, while exports have become more attractive.
AIR Correspondent reports that RBI is scheduled to conduct a mid-quarterly review of the monetary policy on September 16. It is widely expected that the central bank will raise rates further in its bid to tame inflation. Since March, 2010, RBI has raised the key policy rates 11 times to tackle rising prices.
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