Bombay:
India’s central bank has zero tolerance for volatile and bumpy movements in the rupee and will continue to work with the foreign exchange market to ensure the rupee finds its level, its chief Shaktikanta Das said Friday.
Das said the Reserve Bank of India has no specific level of the rupee in mind and since there is a real shortage of dollars in the market, the central bank has supplied dollars.
Das spoke at a bank conclave organized by the Bank of Baroda.
He also said that the central bank has built up its foreign exchange reserves for a situation like the current one and has sufficient reserves to cope with the current crisis.