India's finance minister says RBI smooths rupee swings but does not set its value
Nirmala Sitharaman said the RBI is acting to prevent sudden rupee moves but does not determine the currency's value. She also addressed the fiscal deficit and inflation.
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what happened
Indian Finance Minister Nirmala Sitharaman said on Monday that the Reserve Bank of India is taking steps to prevent sudden swings in the rupee's value. She added that the central bank does not set the currency's value, according to TradingView. In her view, the RBI aims to curb abrupt moves rather than fix the exchange rate.
Sitharaman said India's fiscal deficit has been shrinking year after year and that the government is working to bring the debt-to-GDP ratio down to 50 per cent by 2030. She named the COVID-19 pandemic, geopolitical conflicts and rising crude oil prices as external factors behind inflation pressures.
why it matters
For markets, rupee volatility feeds directly into the cost of imports, especially oil, and through that into Indian inflation. The minister's comments signal that authorities will limit sharp currency moves but are not promising a fixed rate.
market impact
Rupee and Indian inflation outlook: RBI measures against sharp moves reduce USD/INR volatility
tags
instruments
sources
- RBI taking steps to prevent sudden rupee fluctuations, but does not determine rupee's value, says FM Sitharaman — TradingView, 26 October 2026 at 10:08 UTC
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