RBI: can’t comment on FX intervention, watching situation
HYDERABAD |
HYDERABAD (Reuters) – The Reserve Bank of India chief Duvvuri Subbarao on Tuesday said he could not comment on whether the bank was intervening in the foreign exchange market to stem the rupee’s slide, but it was watching the situation and would ensure the exchange rate does not impair economic stability.
The exchange rate movement, especially in the last three to four days was driven by global dynamics, Subbarao said, while talking to reporters on the sidelines of a conference in Hyderabad.
Earlier in the day, the partially convertible rupee hit a record low of 52.73 per dollar and at 0707 GMT was at 52.55/56.
(Reporting by Shamik Paul; Editing by Subhadip Sircar)
Article source: http://feeds.reuters.com/~r/reuters/INbusinessNews/~3/BWtafwA_pPo/idINIndia-60659520111122
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