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India cenbank "correct" to use FX reserves to tackle rupee volatility: econ adviser

Tuesday, July 26, 2022
India cenbank

By Savio Shetty and Divya Chowdhury

MUMBAI (Reuters) - The Reserve Bank of India (RBI) is justified in using the country's foreign exchange reserves to smooth out volatility in the rupee's moves against the dollar, a member of the Economic Advisory Council said on Monday.

"I think that the RBI is correct to use the FX reserves to smooth movement in the INR/USD... There is no point targeting a INR/USD level when USD is appreciating against all other majors," Sanjeev Sanyal told the Reuters Global Markets Forum (GMF) in an interview.

"Longer term, we need to maintain overall macro-stability and allow the cycle to play itself out," said Sanyal, who was previously India's chief economic adviser.

The Council he now sits on advises Prime Minister Narendra Modi and his government on economic policy.

The Indian rupee has fallen around 7.4% against the dollar year-to-date, to trade near a record low of 80.0650.

The dollar has risen about 11.2% against a basket of currencies as markets brace for more U.S. interest rate hikes amid surging inflationary pressures and signs a weakening global economy.

Sanyal also said India's inflation was almost entirely imported and, as an oil importer, something it could do little in the short term to control. Global oil and other energy costs have spiked this year, driven higher by the impact of the war in Ukraine and broader supply chain issues. [O/R]

Sanyal said he believed India's current account deficit was in a comfortable position and, asked if a curb on non-essential imports was being considered, added: "The government will respond flexibly to the situation as it evolves."

Sanyal also said India was treating crypto instruments as assets not currencies, and that their regulation would need global coordination.

(The Reuters Global Markets Forum is a chat room hosted on the Refinitiv Messenger. Join GMF: https://refini.tv/33uoFoQ)

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17-08-2022 23:54:38 (UTC+7)

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    EUR/USD 1.0168 Neutral  
    GBP/USD 1.2042 Sell  
    USD/JPY 135.38 ↑ Buy  
    AUD/USD 0.6927 Sell  
    USD/CAD 1.2914 Neutral  
    EUR/JPY 137.67 Neutral  
    EUR/CHF 0.9690 ↑ Sell  
    Gold 1,777.15 ↑ Buy  
    Silver 19.747 ↑ Buy  
    Copper 3.5873 Neutral  
    Crude Oil WTI 87.50 ↑ Buy  
    Brent Oil 93.05 ↑ Buy  
    Natural Gas 9.290 Sell  
    US Coffee C 218.15 Buy  
    Euro Stoxx 50 3,756.06 Sell  
    S&P 500 4,271.84 Buy  
    DAX 13,626.71 Sell  
    FTSE 100 7,515.75 Neutral  
    Hang Seng 19,922.45 Neutral  
    Small Cap 2000 1,982.65 ↑ Sell  
    IBEX 35 8,434.80 Neutral  
    BASF 42.685 Neutral  
    Bayer 53.37 Neutral  
    Allianz 177.54 Buy  
    Adidas 169.10 ↑ Sell  
    Lufthansa 6.467 ↑ Sell  
    Siemens AG 108.64 ↑ Sell  
    Deutsche Bank AG 8.856 Neutral  
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