The Reserve Bank of India (RBI) is not in favour of devaluing the Indian rupee in favour of economic growth as such an action does not provide any advantage, Reserve Bank of India Governor Raghuram Rajan said on Monday.
Addressing a conference here, Rajan said he was not in favour of devaluation for economic growth as it was not a desirable or a feasible strategy.
Rajan said the RBI's philosophy was to minimise the volatility situation and intervene appropriately.
He also said the exchange rate will not provide any advantage or disadvantage.
According to him, the RBI would make the exchange rate predictable and stable while the economic advantage would be derived from small and medium enterprises owing to their cost competitiveness.
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