RBI Governor Sanjay Malhotra says rupee is not overvalued, may be undervalued

RBI Governor Sanjay Malhotra said on October 7 that the rupee is not overvalued and may be undervalued.
He said financial markets can behave irrationally in the short term but eventually find the currency’s right value.
The RBI will support an orderly rupee movement and work to prevent excessive volatility, without targeting a specific level.
The rupee closed at ₹96.78 per dollar on October 7 after touching a five-month low of ₹96.85.

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