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RBI has no plan to intervene in forex
May, 13th 2010

The Reserve Bank today said high capital inflows are a matter of concern, but no specific action is being mulled as of now, as they have
not started exerting much pressure on the rupee compared to 2007.

"It is a matter of concern, but that is not to say that there is any specific action being considered...They still have not, at least in the past two months, started to exert significant pressure in terms of quantum to 2007 estimates," RBI deputy governor Subir Gokarn told the media on the sidelines of a function here today.

Gokarn said the apex bank in its annual policy in April had mentioned that volatility and threats to macroeconomic stability are the two factors which would induce it intervene in the exchange market.

"But we have to decide when we see the situation whether this threat of disruption is significant or not. It is not something we can pre-decide. It is really going to depend on the circumstances," Gokarn said, adding the country is yet to witness the kind of pressure that was witnessed in 2007.

In 2007, it can be recalled that the rupee sharply appreciated and reached a high of around 39 to a dollar due to heavy inflow of foreign money.

Earlier in the day, the RBI said in its bulletin that it did not intervene in the forex markets during the four months to March 2010, despite heavy inflows of forex.

Today, a dollar stood at Rs 45.33.

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