- The RBI opened a dollar window for state-owned oil refiners and introduced a reserve requirement for foreign-exchange derivatives.
- The reserve requirement on FX derivatives is similar to one used by China's central bank.
- The measures follow the RBI's Wednesday rate increase and its signal that further monetary tightening is possible.
- Bloomberg describes the steps as among the RBI's strongest since the 2013 taper tantrum, with the open question being how far the central bank will go as external pressures mount.
Quotes
“taking some of its strongest measures since the 2013 taper tantrum”