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INDIA: New RBI Governor Signals Openess to More Flexible Rupee

INDIA
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"India’s new central bank governor has shown a willingness to allow the rupee to move more freely in tandem with peers in the region while still intervening in the foreign-exchange market to curb excessive moves, according to people familiar with the regulator’s thinking." (BBG)

  • The rupee has weakened on the story above, slipping to a fresh record low. The Bloomberg piece adds that "The RBI’s overall objective is still to avoid targeting a specific level for the rupee and to intervene regularly to curb excessive volatility and prevent any speculative attacks [...] The new governor may allow a wider gap in the closing level of the currency from the previous day’s close if the situation warrants"
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"India’s new central bank governor has shown a willingness to allow the rupee to move more freely in tandem with peers in the region while still intervening in the foreign-exchange market to curb excessive moves, according to people familiar with the regulator’s thinking." (BBG)

  • The rupee has weakened on the story above, slipping to a fresh record low. The Bloomberg piece adds that "The RBI’s overall objective is still to avoid targeting a specific level for the rupee and to intervene regularly to curb excessive volatility and prevent any speculative attacks [...] The new governor may allow a wider gap in the closing level of the currency from the previous day’s close if the situation warrants"