RBI Executive Director Deepak Mohanty today said that the ongoing decline in oil prices is more than what apex bank expected and this will help in fighting inflation. While speaking to reporters in Mumbai, Mr. Mohanty said the lower crude prices, coupled with a stable currency has helped reduce the inflation. The price of Indian crude basket has fallen to a low of around 81 US dollar a barrel as against 108.05 dollar in May end.In its last policy review in September, the RBI had said the target of getting consumer price inflation to 8 per cent by January 2015 was more certain, while the risks to the January 2016 target of 6 per cent had subsided.Mr. Mohanty however, expressed caution against being "overly joyous" stating that the current inflation figure of 6.46 per cent will rise further soon. Mr. Mohanty said that even though headline inflation number is coming down, inflationary expectations of households continue to be high and need to be addressed. He said said that the government resolve to reduce fiscal deficit to 4.1 per cent of the GDP has also helped fight inflation. The RBI executive director also defended the apex bank's elevated rate stance, saying it is not affecting growth.On exchange rates, Mr. Mohanty said the RBI intervenes in the market only in case of excess volatility and the forex reserves we have built up are "healthy". He added that the current account deficit, which had caused much damage to the currency last year, is "sustainable" at present.