The Reserve Bank of India (RBI), led by Governor Sanjay Malhotra, has reiterated that its foreign exchange policy remains unchanged, despite the Indian rupee experiencing significant volatility since the onset of the West Asia war. The rupee has depreciated 4.5% against the US dollar since February 28, 2023, and 11% in the fiscal year 2026, hitting a record low of 95.1250 per dollar on March 30. Malhotra stated that the RBI's interventions in the foreign exchange market aim to mitigate excessive volatility without targeting specific exchange rates, remaining consistent with the policy of allowing market-determined rates. Recent measures announced on April 1, including restrictions on rebooking cancelled forex derivative contracts, aim to curb speculation and stabilize the currency. Additionally, banks are required to limit their net open positions in the domestic market to $100 million by April 10.