RBI sees rupee as undervalued; FCNR(B) inflows cross $32 billion

AI Summary

The Reserve Bank of India (RBI) reports that the Indian rupee is undervalued, citing foreign currency non-resident (FCNR(B)) inflows exceeding $32 billion. RBI Governor Sanjay Malhotra emphasized that controlling inflation remains the foremost priority, with strong foreign investment in government securities bolstering India's external position.

RBI Governor Sanjay Malhotra says inflation control remains the foremost priority; FCNR(B) deposits and foreign investment in government securities have strengthened India’s external position