JPMorgan says Patel forex policy makes for a more nimble rupee

Mumbai

THE Reserve Bank of India's currency intervention policy during governor Urjit Patel's term is allowing for greater two-way rupee movement than under his predecessor, according to JPMorgan Chase & Co.

"The RBI under Mr Patel has been more open to rupee strength," Brijen Puri, JPMorgan's head of markets for India, said in an interview. That's a key shift in policy which, under Raghuram Rajan, was focused on keeping the currency in a "reasonably fixed depreciating band", he said.