Reserve Bank's G. Gopalakrishna: 'We Have No Target for the Rupee'

The Indian rupee has been falling very sharply in recent months. G. Gopalakrishna, Executive Director of the Reserve Bank of India (RBI), says that the central bank's principal job is to monitor volatility, not value. Gopalakrishna has been a central banker all his working life; he joined the RBI in 1980. He is currently executive director of the Deposit Insurance & Guarantee Corporation, an RBI affiliate. On a related issue, he says that full convertibility of the rupee is not on the horizon.

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