RBI closely monitors the foreign exchange markets, says Chaudhary
India received foreign inward remittances of US$89,127 million in 2021-22, the highest ever inward remittances received in a single year, Minister of State for Finance Pankaj Chaudhary said in a written reply to a question in Rajya Sabha on 7 Feb 2023.
In 2020-21, the country received US$80,185 million remittances from Indian working overseas.
The Minister further stated that the value of the Indian Rupee is market-determined and the RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band. fiinews.com
