RBI doesn't have official level for rupee: Guv

RESERVE Bank Governor Sanjay Malhotra on Thursday reiterated the official stance on the valuation of rupee and said it does not have any official level for the local currency.

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He blamed the depreciation of the local unit on the higher demand for the greenback, along with the uncertainties spawned by the trade war, hoping the currency will claw back to its natural strength once a trade deal with the US is completed.

The rupee has been the worst-performing currency in Asia, sinking 3.6% so far this year, after trade relations between India and the US soured following the latter's punitive 50% tariffs coupled with a flight of foreign capital from domestic equity markets, which crossed more than $16 billion so far this financial year.