MUMBAI, April 8 -- The Reserve Bank of India's foreign exchange rate policy remains unchanged, governor Sanjay Malhotra said on Wednesday, commenting on the volatility of the rupee since the start of the West Asia war.

Malhotra said that despite stronger macroeconomic fundamentals, the Indian rupee's depreciation in the previous financial year was more than the average of the previous years. Safe haven flows, he said, have exerted depreciation pressure on the currencies of major economies as the US dollar strengthened.

"...let me reiterate (something that) I have said many times. Our exchange rate policy remains unchanged," said Malhotra. He said intervention in the foreign exchange market is aimed at smoothing excessive and disruptive ...