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December 1, 2000 		Feedback  
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RBI seeks orderly forex market

Reserve Bank of India Governor Bimal Jalan said on Friday the central bank's objective was to ensure orderly conditions in the foreign exchange market.

"...objective is smooth and orderly behaviour and to see there is no volatility," Jalan told the Asia Pacific Forex Congress in New Delhi.

Jalan said it was impractical to monitor the rupee's trade weighted real effective exchange rate (REER) on a daily basis.

"The REER makes sense over a medium term...", Jalan said.

He said the country now had sufficient foreign exchange reserves to handle the high oil import bill.

The rupee was quoted at 46.835/845 per dollar on Friday morning, slightly firmer than its previous close of 46.85/86.

SEE ALSO:

Jalan says no need to hurry govt borrowing

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