RBI will not allow ‘jerky movements’ of Rupee: Deputy Governor Patra

Reserve Bank Deputy Governor Michael D Patra on Friday said the Central Bank will not allow “jerky movements” of Rupee and stressed that the Indian currency has witnessed least depreciation in recent times.

Addressing an interactive session on ‘Geo-Political Spillovers and Indian Economy’, he attributed the lesser depreciation of Rupee to high foreign exchange reserves of around USD 600 billion.

“We will stand for its stability, and we’re doing it on an ongoing basis even as I speak. We are there in the market. We will not allow disorderly movements. We have no level in our mind, but we will not allow jerky movements that is for certain and let it be widely known that we are in the market defending the rupee against volatility,” he said during the session organised by industry body PHDCCI.

Patra further said if one looks at the depreciation of Rupee, it is one of the least in the world and that is the power of USD 600 billion dollar reserves.

On Thursday, Rupee had closed at its all-time low of 78.32 against the US dollar. However, in the morning session on Friday it opened 12 paise up at 78.20 against the US dollar.