Rupee is still better than its emerging market peers: Urjit Patel

MUMBAI, OCTOBER 5

“Value of rupee is determined by the market forces”

On a day the rupee breached the 74-mark against the US dollar for the first time, RBI Governor Urjit Patel said Friday that the domestic currency is still better than its emerging market peers. He maintained that the value of rupee is determined by the market forces and the RBI does not have any “target or band” around any particular level of the exchange rate.

>He said the foreign exchange reserves of USD 400.5 billion as of end September are sufficient to finance 10 months of imports. Patel’s comments came as the rupee crossed the 74-mark against the dollar on Friday afternoon after opening higher than its previous close at 73.52.

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