RBI does not target any price or level for rupee, says Governor Sanjay Malhotra

RBI Governor Sanjay Malhotra said the Reserve Bank of India does not target any specific “price or level” for the rupee, while continuing to act to curb speculation and excessive volatility in the foreign exchange market. Speaking at the NDTV World Summit 2026 in New Delhi on October 25, Malhotra stressed that the central bank’s focus is keeping forex conditions orderly and preventing disruptions. He noted that geopolitical tensions, supply-chain disruptions, the West Asia conflict and trade uncertainties have made the task harder, even as fundamental responsibilities remain unchanged. Malhotra also cited elevated global inflation and slower growth, with the IMF projecting growth at 3.1% this year. Turning to India, he said inflation has risen to 5.5% due mainly to supply-side pressures and the RBI raised the policy repo rate by 25 basis points.