RBI correct to use forex reserves to tackle Rupee volatility: EAC member

Sanjeev Sanyal, a member of Economic Advisory Council (EAC) to the Prime Minister, said RBI is "correct to use" foreign exchange reserves to tackle Rupee's volatility. "There's no point targeting an INR/USD level when USD is appreciating against all other [major currencies]," Sanyal said. "We need to maintain overall macro-stability and allow the cycle to play itself out," he added.