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No comfort level for rupee — Y. V. Reddy

By Our Special Correspondent

MUMBAI NOV. 19. Y. V. Reddy, Governor, Reserve Bank of India, today reiterated that the rupee's exchange rate would be decided by the market forces. He also said that the central bank was carefully and closely watching the foreign exchange market.

When asked about the level of rupee, Dr. Reddy said, "There is no comfort level".

He was speaking to media persons on the sidelines of releasing a book, `Money and Banking' edited by A. Vasudevan, Adviser and former Executive Director, RBI.

The book contains select research papers by the economists of the Reserve Bank.

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