India?s forex reserves continue to be adequate, offer import cover of over 10 months

Sanjay Malhotra, Governor of the Reserve Bank of India (RBI) has stated today that India?s foreign exchange reserves continue to be adequate in terms of the standard metrics of reserve adequacy with import cover of over 10 months and external debt cover of 90.8%. He noted that as for the exchange rate, the central bank will continue with its policy of it being determined by market forces, while curbing excessive volatility, checking speculative behaviour and preventing disorderly movements to ensure that it is not out of sync with fundamentals or disruptive of economic activity.

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