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The Reserve Bank of India Governor, Dr D. Subbarao, on Wednesday declined to confirm reports that the apex bank had stepped in to halt the slide of the rupee against the dollar, even as the Indian unit somewhat bounced back after hitting a new low on Tuesday.
Asked to confirm RBI's intervention in the forex market today, he said: "I will not confirm."
On Tuesday, the RBI Governor had said the apex bank can intervene in the forex market to check volatility. "We will intervene when it is in consistent with our policy, but cannot give you a timeline for this," he had told media persons on the sidelines of a function.
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