Rupee Rebound From Two-Year Low Fits Rajan's Currency Truce Call
- India's currency has risen 2.6 percent so far this month
- `Beggar my neighbor' tactic will foster instability: Rajan
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Reserve Bank of India Governor Raghuram Rajan called for an overhaul of the global monetary policy system and again urged against competitive currency devaluations.
His comments come as the rupee climbs toward its best month since 2014, ascending from a close brush in February with a record low. Global finance ministers and central bankers reiterated last month pledges to refrain from manipulating exchange rates to their own advantage, at the Group of 20 meeting in Shanghai. India has “never tried to gain in trade at the expense of our partners,” Prime Minister Narendra Modi said earlier this month.