Reserve Bank Governor Sanjay Malhotra on Thursday said the central bank does not target any level of rupee, and the recent depreciation of the domestic currency against the US dollar is due to demand for the greenback.

The governor also said that the Reserve Bank has "very good" buffers of foreign exchange reserves, and there is no need for concern on the external sector.

Delivering the VKRV Rao Memorial Lecture at the Delhi School of Economics, Malhotra also said the foremost priority of the RBI is to ensure financial stability in the system, and the central bank is trying to simplify regulations, where possible, while maintaining necessary safeguards and guardrails.

Replying to a question on depreciation of the rupee against the dollar, he exuded confidence that India will have a "goo

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