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Reserve Bank Deputy Governor Michael D Patra said on Friday that the central bank will not allow the ongoing volatility in the rupee to continue for a long time. At the same time, Patra has also emphasized that the Indian rupee has seen the lowest depreciation in recent times.
According to a PTI news, while speaking at an event organized on the topic Geo-Political Spoilers and Indian Economy, Patra said that the reason for the low depreciation of the rupee is the high foreign exchange reserves of USD 600 billion. Had it not been for this, the rupee could have seen a sharp fall. Despite its depreciation, the rupee has not allowed its depreciation.
He has said that RBI is committed to strengthen the rupee. Every possible and every moment measures are being taken to strengthen this rupee. We will not allow any uncontrolled fluctuations in rupee prices. At present, nothing can be said about what will be the actual level, but it is certain that we will not let it fall too much. RBI Deputy Governor has said that we are in a market where we have to keep the rupee from breaking even in the midst of extreme volatility.
Patra has said that if we talk about the fall in the value of the rupee in this period of recession, then it is the lowest in the whole world. This has been possible due to adequate foreign exchange reserves (US$ 600 billion).
Let us tell you that on Thursday, June 23, the value of the rupee had fallen to the lowest level of Rs 78.32 against the dollar. When the market opened on Friday morning, its value has shown a strength of 12 paise.