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Our Bureau

Mumbai , Nov. 10

"There is no change in exchange rate policy," said the RBI Governor, Dr Y.V. Reddy, on the sidelines of a function.

On being asked if the Reserve Bank of India has intervened of late in the forex market, he said, "The RBI has to intervene if it is necessary and if not necessary, we won't intervene."

He also said the RBI kept monitoring the volatility in the forex market and tried to identify whether there was excess volatility or not. "Ultimately you have to look at the outcome, not the instrument," he said.

Dr Reddy, speaking at a lecture organised by Indian Institute of Banking and Finance, said that there has to be a conjunction of various policies, with stability being the corner stone. "It is very difficult to know the benefits of avoiding instability, as it is abstract."

He said the RBI had taken note of the scrapping of commission on inter-bank transfer of banks by the Bank of Mexico.

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