Overview
- Malhotra said the central bank has no red line near 90–91 per dollar and does not defend any specific currency level.
- He reiterated that interventions are aimed solely at curbing abnormal volatility to maintain orderly market conditions.
- India’s buffers were described as strong, with about $690 billion in foreign exchange reserves and a comfortable external position.
- The governor cited long-term capital inflows, including roughly $15 billion committed or invested in private financial entities in 2025.
- He urged preserving central bank independence as global peers issued a statement backing Jerome Powell following DOJ grand jury subpoenas.