67% of fall in forex reserves due to valuation changes: RBI governor Das

Das reiterated on Friday the RBI does not target any particular level for the domestic exchange rate and only intervenes in the market to smoothen out excessive volatility

Reserve Bank of India Governor Shaktikanta Das said around 67 per cent of the decline in foreign exchange reserves during the current fiscal year were because of valuation changes owing to a stronger US dollar and higher US bond yields.

“How we stand compared to other emerging market economies and other countries, and almost in all parameters, our vulnerabilities are far less than most of the other emerging market economies. I also mentioned this point to dispel any public notion,” Das said at a post-monetary policy press conference.

His comments come in the wake of the finance ministry signaling earlier