RBI Governor Assures Rupee Stability, Calls Currency Undervalued Against Dollar

7 Oct 2026, 3:48 pm · 13h ago · 1 min read · YourStory

Reserve Bank of India Governor Sanjay Malhotra stated that the Indian rupee is currently undervalued according to multiple estimates and affirmed that the central bank will ensure currency stability. Addressing media as the rupee neared record lows of 96.96 against the US dollar during intraday trading, Malhotra emphasized that the RBI will support an orderly movement toward its correct valuation without excessive volatility. The currency has faced persistent downward pressure driven by West Asia geopolitical tensions and elevated crude oil import costs, despite banks mobilizing $133 billion under concessional diaspora deposit facilities like FCNR(B).