The governor of the Reserve Bank of India, Shaktikanta Das, said that the Indian economy is relatively better placed amid grim situation in the global market.

Das added that the rupee is holding up well compared to its peers, in a conclave by Bank of Baroda.

“We have zero tolerance for volatile and bumpy movement of rupee; RBI actions have helped in smooth movement of rupee,” Das said.

The governor added that high-interest rates in the US and risk aversion have fuelled the demand for US Dollar.

He said that the RBI continues to remain watchful of headwinds and will take measures as required. Das emphasised that even strong reserve currencies like the Japanese Yen have weakened.

The RBI chief said that the current inflation targeting framework has worked very well since its adoption in 2016.

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