India’s central bank governor to continue rupee intervention

Y Venugopal Reddy, who became governor on September 6, is likely to continue using outgoing governor Bimal Jalan’s approach, where intervention was used simply to smooth volatility in the rupee, said MR Madhavan, senior strategist at Bank of America in Mumbai.

Jalan used his final speech as governor in Mumbai last month to address the debate surrounding the bank’s exchange rate policy. He said suggestions by the International Monetary Fund that the bank should be intervening less and allowing

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