REUTERS - The Reserve Bank of India took new steps on Tuesday to support the rupee, signalling it will stay the course with its defence of the currency despite the risks to economic growth.
The central bank tightened liquidity further and made it even harder for lenders to access funds with measures including lowering the amount banks can borrow under its daily liquidity window.
Below is a list of currency-related measures from Indian policy makers this year:
JULY
> RBI further lowers banks' limit on borrowing under daily liquidity adjustment facility (LAF); increases banks' cash reserve ratio requirements, announces 60 billion rupees sale in cash management bills.
> RBI tightens gold imports again, making them dependent on export volumes
> RBI raises the Marginal Standing Facility rate and Bank Rate, caps banks' limit on borrowing under daily LAF and announces sale of 120 billion rupees in debt via open market operations.
> RBI extends relaxation of the all-in-cost ceiling for issuers of external commercial debt
> Regulators toughen rules for derivatives trading in currency markets
> RBI eases rules for non-bank asset finance companies to raise debt overseas
> RBI introduces provisioning, capital requirements for bank exposed to corporates with unhedged FX
JUNE
> India further tightens gold import rules
> RBI extends buyback time period of foreign currency convertible bonds until December 31
> RBI allows telecommunications companies to refinance rupee loans until March
> RBI tightens gold lending norms for regional rural banks
> RBI eases rules for low-cost builders to access overseas loans, hedge entire borrowing
> RBI relaxes some forex option premium payment rules
> RBI asks exporters to realise dollar earnings and bring them back into the country within one year
> RBI restricts loans against gold coins by co-operative banks
> India fin min says RBI advised banks not to sell gold coins
> India raises gold duty to 8 percent
> RBI extends gold import curbs on nominated and trading agencies
MAY
> RBI mulls easing hedging norms for exporters, importers
> RBI cuts timeframe for exporters to repatriate earnings
MARCH
> RBI relaxes collateral rules for foreign investors in futures and options in stock exchanges
> RBI eases overseas borrowing norms for firms under investigation
> RBI removes restrictions on open position limits for rupee currency pairs
JAN
> RBI eases rules for exporters to access FX markets
(Compiled by Shamik Paul and Neha Dasgupta; Editing by Anand Basu)
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