On 2026-10-13, Finance Minister Nirmala Sitharaman took the stage at the Bloomberg New Economy Forum 2026 to speak about the Indian rupee’s recent weakness. She framed the discussion around the currency’s depreciation, noting that it had depreciated.
Sitharaman was clear that the Reserve Bank of India is not attempting to peg or fix the rupee at a particular level. Instead, she said, "They are not trying to fix the rupee. They are trying to stop the volatility." To that end, the RBI had rolled out two concrete tools: a special window designed for oil marketing companies to access foreign exchange, and a tightening of rules governing forex derivatives. These steps aim to curb excessive volatility caused by external pressures.
RBI will continue efforts to keep rupee stable; currency volatility due to external factors: FM Sitharaman https://t.co/IgiIgHHRnF
The minister noted the rupee’s depreciation and recent one‑percent surge to illustrate the backdrop. The currency has experienced notable fluctuations, including a one percent surge in value during the recent period of volatility. By Tuesday, the currency was trading at 94.96 rupees per dollar, a level that reflected the ongoing pressure from external factors.
96 rupees per dollar, a level that reflected the ongoing pressure from external factors.
The special window carries a 20 percent reserve requirement for dollar purchases and is triggered only when a single dollar purchase exceeds two million dollars, meaning those entities must set aside a fifth of the dollar amount they acquire as reserves.
RBI Will Continue Efforts To Keep Rupee Stable; Currency Volatility Due To External Factors: FM https://t.co/jh6XjQljcX
The day’s events were tightly linked. The announcement and the speech occurred on the same day, highlighting the timing of the RBI’s measures and the minister’s remarks.
Both Sitharaman and the RBI adopted a supportive stance toward the intervention strategy. The minister emphasized that India’s macroeconomic fundamentals remain sound and reiterated the government’s commitment to fiscal discipline, even as the dollar’s fluctuations pose challenges. The RBI’s measures are aimed at curbing excessive volatility.
RBI Will Continue Efforts To Keep Rupee Stable; Currency Volatility Due To External Factors: FM Sitharaman https://t.co/pY7qCkSuhD
Summing up her view, Sitharaman said, "I’m sure there are efforts which the RBI would take further to make sure that the rupee doesn’t become too volatile." The comment reflected her confidence that the RBI would continue efforts to curb volatility without fixing the rupee’s level.