ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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out of irregular demands of this type.
So when the commerce ministry was told that the RBI had "decided to withdraw temporarily from the market'', it was a partial truth in that while a sizeable excess of demand for foreign exchange was being transmitted to the market, the RBI decided not to intervene to ensure that it did not upset the balance and in the process forswore the main objective of exchange reserves, namely, of providing a cushion against temporary fluctuations in demand and supply in the exchange market.

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