Mumbai, June 5 -- The Reserve Bank of India (RBI) will do "whatever it takes" to maintain orderly conditions in the foreign exchange market and curb excessive volatility, governor Sanjay Malhotra said on Friday while announcing the monetary policy decision.

Addressing concerns about sharp currency swings, Malhotra reiterated that the RBI does not target any specific exchange rate and allows the rupee to be determined by market forces.

"Our experience, however, suggests that it may sometimes witness movements, often caused by speculative pressures, especially in the wake of heightened uncertainty, that are not in sync with fundamentals and are disruptive of economic activity," Malhotra said.

He stressed that while the RBI would not resi...