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of <h1>RBI Governor Affirms Consistent Exchange Rate Policy; Rupee Hits Record Low Amidst Forex Reserve Decline</h1> The Reserve Bank of India's Governor stated that the exchange rate policy has remained consistent, emphasizing that the central bank does not target specific rupee levels. The rupee recently hit a record low of 87.59 against the US dollar, declining about 2% this year. The bank's interventions aim to smooth excessive volatility rather than target specific rates. Since November 2024, the rupee has depreciated by 3.2% against the dollar. India's forex reserves decreased by USD 45 billion over three months due to market interventions, standing at USD 630.6 billion as of January 31, 2025.
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