Reserve Bank of India (RBI) Governor Sanjay Malhotra on Wednesday, October 15, said the rupee’s movement against the US dollar is being driven by macroeconomic fundamentals rather than any policy intervention, stressing that the central bank does not target any specific level or band for the currency.

Malhotra was speaking at the IMF’s “Governor Talks” session in Washington DC, to discuss India’s monetary and financial policies for emerging markets in an uncertain global landscape.

The RBI chief noted that the US dollar has depreciated about 10% from its peak this year, while the rupee has not appreciated as much as other major currencies—a reflection, he said, of higher tariffs and capital outflows.

“In some sense, it’s also a correction,” the Governor said, referring to the rupee’s ea

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