Basu for curbing forex market speculation

Concerned over the volatility in rupee, Chief Economic Advisor Kaushik Basu on Thursday made a case for Reserve Bank of India (RBI) curbing speculative activity in the foreign exchange market. He said the RBI intervenes in the forex market whenever there is sudden fluctuations in the rupee. "Some are natural processes. But there are also speculative moves that players make on this and those have to be watched very very carefully by the RBI," Basu said.