India to ensure stability in forex market

India will ensure stability in the country's $12bn-a-day foreign exchange market amid surging inflows and will maintain its slow pace in opening up the capital account, a senior Reserve Bank of India official said.

The transition to a market-based exchange rate in 1993 and the subsequent gradual liberalisation of restrictions on external transactions meant ensuring orderly forex conditions was a key objective, said Shyamala Gopinath, the Reserve Bank of India's (RBI) deputy governor who overse