BusinessPhoto: Business StandardRaghuram Rajan Advises Against Depleting Reserves to Defend Rupee
Raghuram Rajan, former RBI governor, advised India not to fixate on a specific rupee value or deplete foreign exchange reserves to defend the currency. The rupee has fallen about 6% in 2026, hitting a record low of 96.96 in May. Rajan cautioned against panic and noted the current account deficit could widen if oil prices remain high. RBI Governor Sanjay Malhotra has not ruled out monetary policy measures to stabilize the rupee.
Business Standard·




