India cbank chief says not buying FX in market to increase reserves
MUMBAI Dec 18 (Reuters) - India's central bank is currently not buying dollars from the forex market to increase its foreign exchange reserves, its chief Raghuram Rajan said on Wednesday.
"We are not, in a sense, targeting an exchange rate and, therefore, we are not going into the market and buying reserves at this point to increase the foreign exchange reserves," Rajan said in a post-policy press conference.
"We have not done that and the increase in reserves thus far have come from those windows," he said, referring to the two concessional forex swap facilities opened by the central bank during the rupee crisis. (Reporting by Subhadip Sircar & Neha Dasgupta; Editing by Subhranshu Sahu)
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