New Delhi, Oct 6 (KNN) Welcoming the RBI's decision to not raise the benchmark interest rates, Engineering Export Promotion Council of India (EEPC India), Chairman, Ravi Sehgal said RBI has shown maturity by taking this decision.

He said that exporters are also in favor of RBI's decision of not involving itself into a target fixing for rupee rate.

Barring extreme volatility, the RBI is right in letting the rupee rate be decided by forces of demand and supply in the forex market, said EEPC India Chairman.

Although, RBI has changed the policy stance to calibrate tightening, it is hoped that the cost of borrowing does not go up further, Sehgal added.

To protect the rupee, Sehgal added that RBI has shown maturity by taking decision of not raising rates further.

He further hoped that tighter liquidity in the banking system is eased by effective vigil of the central bank.