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    <title>Exchange rate policy consistent; not targeting specific rupee level: RBI Governor</title>
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    <description>Exchange rate management emphasises maintaining orderliness and stability without targeting a specific exchange rate level or band; interventions are used to smooth excessive or disruptive volatility rather than to defend a predetermined rate. That stance is placed in the context of external pressures-stronger foreign currency, rising yields, and capital outflows-that have contributed to currency depreciation and reserve adjustments, with interventions forming part of reserve management and monetary policy responses.</description>
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