India central bank Governor Rajan: Not overly worried about rupee at this point
Reuters
Published Jun 24, 2016 09:01AM ET
India central bank Governor Rajan: Not overly worried about rupee at this point
MUMBAI (Reuters) - Reserve Bank of India Governor Raghuram Rajan said on Friday he is not "overly worried" about the rupee's INR=D2 levels, on a day when Britain's vote to leave the European Union sent the currency to its lowest since May 1.
"My sense is if we've got the fundamentals straight, our only job is to make sure we don't go too haywire everyday in the markets and let the rupee find whatever level it has to," Rajan said in an interview with ET Now TV channel, his latest media appearance of the day.
"If the rupee was significantly over-valued you should see substantially more movement in the rupee than in other currencies," he added. "I'm not overly worried one way or the other at this point."
Rajan also played down any concerns to expected outflows in September tied to maturing dollar deposits - or the foreign currency non-resident (bank) deposits - raised during 2013 when India was in midst of a currency crisis, calling it a "non-event," though saying the central bank would take precautions.
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Written By: Reuters
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