RBI not targeting any specific ₹ level: Malhotra

The Reserve Bank of India (RBI) does not target any price level on the rupee, Governor Sanjay Malhotra reiterated at an International Monetary Fund and World Bank event on Wednesday.

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The rupee has been in a firm downward trend, weighed by US President Donald Trump's trade policies, including tariffs against India, and geopolitical tensions.

‘The RBI's frequent interventions have kept the rupee from breaching its all-time low of 88.80, last touched on September 30.

“We believe in the markets to decide what the level should be...Oureffortreally istoensure that there is an orderly movement of the rupee both sides, andanyundueorany abnormal volatility is curbed,” he said.

‘The RBI intervened heavily inthe currency market on Wednesday to shore up the rupee, traders said, mirroring the central bank's moves to defend the local currency in February.

Malhotra also said the RBI wants to promote its central bank digital currency (CBDC) over stablecoins or cryptocurrencies. Earlier this month, the RBI launched a retail sandbox for CBDC, allowing fintech firmsto build and test solutions as part of the ongoing pilot.

The Centre has for several years debated drafting a law to regulate cryptocurrencies but has not made a final decision.