India central bank president said no rupee exchange rate target was locked.

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      India's central bank said on Friday it had been trying to ensure that currency markets remained liquid and was not currently locking in any particular exchange rate level.
"The central bank's response to these chaos is to ensure that currency markets remain liquid without undue volatility," central bank president Urjit Patel said after the monetary policy meeting.
"There is no target or range for any particular exchange rate, which is determined by market supply and demand forces," he said.
The rupee plunged to a record low of 74.20 against the dollar after the central bank announced it would keep policy interest rates unchanged. The rupee has depreciated nearly 14% this year.


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