The Reserve Bank of India adopts multiple measures to stabilize the rupee: special window provides dollars to oil companies, short-term depreciation pressure expected to ease.

(1) Two strategists from OCBC Group Research stated in a research report that the Reserve Bank of India announced additional foreign exchange measures over the weekend to curb depreciation pressure, and as a result, the Indian Rupee may experience “some short-term relief.” (2) The strategists wrote that from October 12th onwards, the Reserve Bank of India will provide US dollars through a special window to meet the entire daily US dollar demand of three state-owned oil companies, thereby reducing one major source of demand in the spot foreign exchange market. (3) They added that the Reserve Bank of India has also tightened rules on foreign exchange derivatives.