The fall in the value of the rupee against the US dollar is moderate in comparison to emerging market peers, Reserve Bank of India (RBI) Governor Urjit Patel said on Friday. The central bank has been trying to ensure that the foreign exchange market remains liquid, he added.
"The RBI's response to these unsettled conditions has been to ensure the foreign exchange market remains liquid with no undue volatility," said Mr Patel.
The rupee extended its losses to hit a record low of Rs 74.23 after the RBI held its policy rate unchanged. The rupee has lost nearly 14 per cent so far this year.