A senior adviser to PM Modi believes RBI needs better rupee policy

India has been swept up in an emerging-market rout triggered by rising U.S. interest rates and a stronger dollar

India's central bank should step up its fight to curb turbulence in the rupee and ensure the currency doesn’t swing wildly, a senior adviser to Prime Minister Narendra Modi said.

“We need a better exchange management policy, a sharper response and a lower time to respond, ” Rajiv Kumar, vice chairman of the government think-tank NITI Aayog, said in an interview on Wednesday. “RBI should be acting more smartly to smoothen the volatility rather than see this yo-yo-like movement in the rupee value.”

India has been swept up in an emerging-market rout triggered by rising U.S. interest rates and a