Rupee better than other emerging markets peers: RBI governor Urjit Patel

India's foreign exchange reserves of $400 billion were enough to take care of 10 months of import, says the RBI governor

The Indian rupee has performed better than other emerging markets peers, Reserve Bank of India (RBI) Governor Urjit Patel said, even as the currency crossed 74 against the dollar after the central bank kept the policy rates unchanged. Patel indicated the RBI would let market forces decide an appropriate level for the rupee.

The RBI governor said the rupee had come under pressure because of external factors, but India’s foreign exchange reserves of $400 billion were enough to take care of 10 months of import.

“The depreciation of the rupee, in some aspects, has been moderate in comparison to several