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RBI’s big rupee defence: What Governor Sanjay Malhotra told Moneycontrol


RBI Governor Sanjay Malhotra speaks exclusively to Moneycontrol, saying the central bank is ready to do whatever it takes to ensure orderly movement in the forex market. Calling markets overly pessimistic on the rupee, the Governor underscores that financial stability remains a key input in the RBI’s policy decisions. While the central bank does not normally use monetary policy to address financial stability risks, Malhotra acknowledges that policy decisions can have a bearing on stability. Could monetary policy also be used to support the rupee? How does the RBI assess currency movements and conditions in the forex market? Moneycontrol editors decode the key takeaways from the Governor’s interview, examining how global developments influence India’s growth and inflation outlook, shape the RBI’s policy decisions and affect its assessment of the neutral rate. Read between the lines as the editors break down what the Governor is signalling and what it could mean for the rupee and the road ahead for RBI policy.