让卢比在全球动荡中充当自动稳定器的角色，可能会对实体经济产生后果，印度央行前高级官员表示，并补充说汇率可能会超调，导致金融稳定风险。
Leaving the rupee to play the role of an automatic stabiliser amid global disruptions can have real economy consequences, a former top official of the central bank said, adding that exchange rates can overshoot and lead to financial stability risks.
今年以来，印度卢比承压，随着油价上涨和外国投资者以创纪录速度抛售当地股票持仓，卢比多次跌至历史低点。
The Indian rupee has come under pressure this year, hitting multiple record lows as oil prices rose and foreign investors sold local equity holdings at a record pace.
本月初，卢比一度逼近每美元97卢比关口，这是卢比首次触及该水平，但此后已反弹约2%，此前印度央行允许石油公司从其储备中获取美元，并对大额外汇套期保值交易实施准备金要求，遏制了对美元的需求。
The local currency threatened to breach 97 per dollar for the first time earlier this month, but has rebounded around 2% after the RBI allowed oil companies to access dollars from its reserves and imposed reserve requirements on large FX hedging transactions, curbing demand for the greenback.
印度储备银行（RBI）的干预在经济学家中引发了褒贬不一的看法。周三，国际货币基金组织（IMF）表示，印度应让汇率变动作为第一道防线。
The Reserve Bank of India (RBI)'s interventions have drawn mixed views from economists. On Wednesday, the IMF said India should let the exchange rate move as the first line of defence.
“自浮动汇率制出现以来，经验与汇率充当自动稳定器的情况截然相反，”印度央行前副行长迈克尔·德巴布拉塔·帕特拉在接受路透社电子邮件采访时表示。他的评论并非直接回应国际货币基金组织的呼吁。
"Since the advent of floating exchange rates, the experience has been quite the opposite of the exchange rate acting as an automatic stabiliser," former RBI Deputy Governor Michael Debabrata Patra told Reuters in an emailed interview. His comments were not directly in response to the IMF's call.
帕特拉表示，汇率行为的特点是超调、自我实现的预期和从众效应。
Exchange rate behaviour has been characterised by overshoots, self-fulfilling expectations and band-wagon effects, Patra said.
帕特拉曾于2020年至2025年担任央行副行长，主管货币政策——在此期间卢比在每美元73至91卢比区间波动——他补充说，卢比的波动性相对可控，其走势应放在一段时间内来看待。
Patra, who was deputy governor at the central bank and oversaw monetary policy from 2020 to 2025 -- a period in which the rupee traded in a range of 73-91 per dollar -- added that the rupee's volatility has been relatively contained and its movements should be viewed over time.
卢比一年期实现波动率约为5%，大体与亚洲同行持平。今年以来卢比对美元贬值约5%，处于中游水平。
The rupee’s one-year realised volatility stands at around 5%, broadly in line with Asian peers. The roughly 5% depreciation against the dollar it has registered so far this year places it in the middle of the pack.
帕特拉表示，政策制定者可以通过有效沟通，帮助缓冲全球动荡对市场的冲击。
Patra said policymakers could help cushion the impact of global disruptions on markets through effective communication.
“也许及时且耐心的沟通有助于促进有序的市场活动并提振市场信心，”他说。
"What could possibly help in promoting orderly market activity and bolstering market confidence is perhaps timely and patient communication to shape expectations," he said.
印度央行货币政策委员会在其最近一次会议上将基准回购利率上调25个基点，并将其立场从“中性”转变为“渐进紧缩”，会议纪要显示政策制定者对紧缩速度持谨慎态度，以免抑制经济增长。
The RBI's monetary policy committee hiked its benchmark repo rate by 25 basis points at its most recent meeting and changed its stance to "calibrated tightening" from "neutral", while minutes of the meeting reflected some caution from policymakers over the pace of tightening to avoid inhibiting economic growth.