'Good trade deal' with US will support rupee stability: Malhotra

e ‘Central bank doesn’t target any level for the rupee’

- FE BUREAU

ATTRIBUTING THE RUPEE'S recent depreciation to stronger demand for the US dollar, Reserve Bank of India Governor Sanjay Malhotra on Thursday said the central bank does not target any specific level for the rupee, but expressed confidence that a “good trade deal” with the US would support currency stability.

Delivering the VKRV Rao Memorial Lecture at the Delhi School of Economics, Malhotra said the RBI continues to take a cautious stance on cryptocurrencies and stablecoins. He added that India’s rapid economic expansion would soon propel more domestic lenders into the world’s top 100 banks.