Read the passage given below and then answer the questions given below the passage. Some words may be highlighted for your attention. On the day the rupee breached the 74-mark against the US dollar for the first time, RBI governor Urjit Patel on Friday reiterated that the domestic currency is stil

Read the passage given below and then answer the questions given below the passage. Some words may be highlighted for your attention.

On the day the rupee breached the 74-mark against the US dollar for the first time, RBI governor Urjit Patel on Friday reiterated that the domestic currency is still better than its emerging market peers and that the apex bank does not have a target for it.

After the Reserve Bank of India (RBI) in its fourth bi-monthly policy, this fiscal left the policy rates unchanged and ruled out a rate cut in the rest of the fiscal, the rupee plummeted to 74.13 against the dollar, after opening higher than its previous close at 73.52. Admitting that the country has not been immune to global spillovers from external factors, Patel said, “The rupee fall, in some respect, is moderate in comparison to several other emerging market peers.”

Ruling out a target for the currency, he said, “Our response to these unsettled conditions has been to ensure that the foreign exchange market remains liquid with no undue volatility. There is no target or band around any particular level of exchange rate, which is determined by market forces demand and supply.” Addressing the media after the customary post-policy presser, Mr Patel said the rupee has experienced bouts of volatility since the monetary policy committee meeting in August.

By the end of September, the rupee has depreciated in nominal effective terms by 5.6 per cent since the end of March. In real effective term, the rupee fall has been at 5 per cent, the governor said, adding the foreign exchange reserves of $400.5 billion as of end September, are sufficient to finance 10 months of imports.

Why did Mr Patel give a response for these 'unsettled conditions'?
1). To ensure that the foreign exchange market remains liquid with no undue volatility
2). To ensure that there is no target around any particular level of exchange rate
3). To ensure that the foreign exchange market remains liquid with undue volatility
4). Both 2 and 3

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