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RBI's intervention focused more on rupee exchange rate fluctuation: FM

Sitharaman said that the action taken by the US Federal Reserve has an "impact on all currencies", adding that "we have to only be sure that fluctuation is not going to be severe".

September 27, 2022 / 10:00 AM IST
Finance Minister NIrmala Sitharaman | Illustration: Moneycontrol

Finance Minister NIrmala Sitharaman | Illustration: Moneycontrol

The interventions made by the Reserve Bank of India (RBI) are "focused more towards avoiding fluctuation in rupee's exchange rate", Finance Minister Nirmala Sitharaman said.

The central bank's actions are "not aimed at fixing the exchange rate", Sitharaman added, while speaking at CNN-News18's Townhall in Chennai.

The finance minister's remarks came on a day when the rupee plunged 58 paise to close at an all-time low of 81.67 (provisional) against the US dollar, as the strengthening of the American currency overseas and risk-averse sentiment among investors weighed on the local unit.

Sitharaman said that the action taken by the US Federal Reserve has an "impact on all currencies", adding that "we have to only be sure that fluctuation is not going to be severe".