Mumbai, April 8 -- The Reserve Bank of India on Wednesday reiterated that its intervention in the foreign exchange market is aimed solely at curbing excessive volatility and not at targeting any specific level of the rupee.

Speaking during the monetary policy announcement, RBI Governor, Sanjay Malhotra said, "Despite the stronger macroeconomic fundamentals, the Indian rupee in the last financial year depreciated more than average in the previous year.... our exchange rate policy remains unchanged. Specifically, intervention in the foreign exchange market is aimed at smoothing excessive and disruptive volatility without targeting any specific level or band of price for the exchange rate."

The statement comes at a time when the Indian rup...