Following the Reserve Bank's activism, the rupee will not break more than 84 against the dollar

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Mumbai: Even if the dollar strengthens globally, it has been estimated that the rupee will not fall below 84 against the dollar. Reserve Bank of India (RBI) will intervene to sustain the rupee, according to Standard Chartered Bank.

The RBI intervenes immediately to prevent the rupee from falling sharply, Parul Mittal Sinha, head of money markets in India at Standard Chartered Bank, said in a TV interview.

RBI has been giving appropriate policy to prevent volatility in rupee. The RBI will maintain tight liquidity to support the rupee, unless there is a major shock from global markets or a steep rise in crude oil prices.

The unexpected rise in the dollar is causing disruptions around the world and crude oil's move towards $100 has become a double whammy for its importing countries. Due to this, the central banks of the world have become active in protecting their currencies.

When the flow changes and the dollar weakens, the Reserve Bank will start depositing dollars again and will not allow the rupee to strengthen, he added.

The Reserve Bank plays a balancing role to reduce volatility and provide stability to the rupee. The Indian rupee has outperformed other currencies against the dollar in emerging Asian countries.

He also expected the inclusion of Indian bonds in JP Morgan's benchmark emerging market index to increase the participation of foreign investors.


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