• Ayush Agarwal
• Prof Neena Batra

Abstract: - Extreme exchange rate volatility in the foreign exchange market entails real cost on the economy. High volatility in the foreign exchange market affects the investment and could also obscure the performance of monetary policy. With regard to this, there is a focus among the policy makers and academicians in investigating the Central bank responses to various incidents of volatility in the foreign exchange markets. Aligned with this background, present study analyses fluctuations in Indian foreign exchange market caused by various factors and response made by RBI (Reserve Bank of India) to restrain the volatility. The study aims to identify the long run relationship among the major macroeconomic factors affecting the exchange rate of INR-USD (Indian Rupee- United States Dollar) and more specifically analyses the effectiveness of RBI intervention in managing the exchange rate volatility of India during the period of 1982-2022. The system of X-Rates normally functions through the facility made available by the key players of the forex market. The major functioning of the forex market includes transferring of currency between the markets according to the facility and needs, facilitating flow of goods and services between the nations by the provision of short term credits to the importers and stabilisation of the forex market rate with the help of spot and forward markets. An overview of the X-Rates system is presented in this chapter. Apart from this it also gives an insight towards the X-Rates policy and management in India.

Foreign exchange- forex,exchange rate-X-Rates

"Impact 0f X-Rates Management in India", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.9, Issue 8, page no.f498-f508, August-2022, Available :http://www.jetir.org/papers/JETIR2208552.pdf

"Impact 0f X-Rates Management in India", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.9, Issue 8, page no. ppf498-f508, August-2022, Available at : http://www.jetir.org/papers/JETIR2208552.pdf