RBI Governor Malhotra also spoke about the falling levels of rupee. He said that the RBI doesn't target any specific levels or band and it only intervenes to stem excessive volatility.

The RBI Governor Sanjay Malhotra delivered the first interest rate cut in nearly five years. The RBI MPC reduced the repo rate cut to 6.25% from 6.50%.

I would like to mention here that the Reserve Bank’s exchange rate policy has remained consistent over the years. Our stated objective is to maintain orderliness and stability, without compromising market efficiency,