New Delhi, Dec. 5 -- Two days after the rupee briefly breached the 90-per-dollar mark for the first time, Reserve Bank of India (RBI) governor Sanjay Malhotra on Friday reaffirmed that the central bank does not target any exchange-rate level, and said it relies on market forces to determine the currency's value.

The Indian currency opened at 89.84 against the greenback on Friday, but weakened again following the Monetary Policy Committee's announcement of a rate cut, before pulling back and ended at 89.98.

The RBI's rate-setting panel lowered the policy repo rate by 25 basis points to 5.25% in a unanimous decision, the central bank's Governor Sanjay Malhotra said. The committee also retained the "neutral" policy stance, though external ...