archiveSanjay Malhotra

Reserve Bank and the Bank of Mauritius (BOM) have signed a pact for establishing a framework to promote the use of the Indian Rupee and the Mauritian Rupee (MUR) for cross-border transactions.The Memorandum of Understanding (MoU) was signed by RBI Governor Sanjay Malhotra and BOM Governor Rama Krishna Sithanen G C S K, the central bank said in a statement on Tuesday. "The MoU documents were exchanged in Port Louis, Mauritius in the presence of the Prime Minister of India Narendra Modi and Prime Minister of Mauritius Navinchandra Ramgoolam, on...

There is no change in the forex policy of the central bank despite several quarters believing that under the new governor Sanjay Malhotra, RBI would not aggressively defend the rupee, said the official, citing discussions between the government and the RBI on the currency slide. The Indian rupee has weakened about 3.5% against the dollar in the past six months to 86.88 on 7 March, as per data from Bloomberg. By comparison, the Chinese Yuan and the Japanese Yen weakened 1.7% and 0.7%, respectively, during the period. “The government does...