Officially, the Indian rupee has a market-set exchange rate. However, the RBI trades actively in the USD/INR currency market to impact effective exchange rates. Thus, the currency regime in place for the Indian rupee with respect to the US dollar is a "de facto" controlled exchange rate. This is sometimes called a "managed" float. Other rates such as the EUR/INR and INR/JPY have volatilities that are typical of floating exchange rates. It should be noted, however, that unlike China, successive administrations (through RBI, the central bank) have not followed a policy of "pegging" the INR to a specific foreign currency at a particular exchange rate. RBI intervention in currency markets is solely to deliver low "volatility" in the exchange rates, and not to take a "view" on the rate or direction of the Indian rupee in relation to other currencies.