New Delhi, Feb. 8 -- On Thursday, the rupee plunged 16 paise to close at 87.59 against the dollar (a record low). On Friday, rupee rose about 0.2% to end at 87.43 against the dollar. Overall the currency has declined by nearly 1% this week, its worst weekly performance against the US dollar since December 2022. In January it had lost around 2% as the US currency strengthened. With the Reserve Bank of India intervening in the market, India's foreign exchange reserves have fallen from $675.65 billion in early November to $630.6 on January 31.
Clearly, the Indian currency's performance is on everyone's mind's .
But RBI governor Sanjay Malhotra said the central bank doesn't have a target price or even band for the rupee, and that its policy r...