Today, fortunately the rupee has stabilized. We cannot, however, pretend that we are protected from all external instability, as the value of our currency in the domestic foreign exchange market is largely driven by the interplay of domestic and international factors. After almost 84 weeks of non-intervention in the foreign exchange market, the Bank started intervening again to correct emerging distortions in the market.
So while we, as regulator are playing our part to stabilize the market, you exporters, who are the active participants, are also expected to play yours. You cannot continue to take one-way bets on the exchange rate or continue to try to pull the rug in your direction.