Ten steps can be taken by the RBI to stabilize the falling INR

1.       The RBI must allow sovereign wealth funds, multi-lateral
agencies, foreign central banks and insurance, pension and endowment funds to
buy Indian government securities which will give the government access to
cheap foreign funds.
2.      The RBI can raise  the investment limit for foreign
institutional buyers in government
3.      The RBI can reduce  the lock-in period of investment
for foreign investment in government bonds
4.      The RBI can allow qualified foreign investors
to invest in mutual fund schemes
 in the infrastructure
sector .
5.     The RBI can reduce speculative trading in
forex market.
6.      The RBI can suggest exporters to cash
in half percentage of dollar holdings in their accounts within a short span of
time, to help ease tight supplies and can also suggest them to  exhaust the available dollar
balance in their accounts before raising fresh funds from the markets.
7.      The RBI can allow intraday trading at five
times the net overnight open position limit of the bank or the central
bank-approved intraday limit, whichever is higher, allowing banks to take
larger positions.
8.      The RBI can ease rules for
using foreign currency deposits by allowing banks to use foreign
currency non-resident (FCNR) deposits as collateral against loans to local
9.      The RBI can relaxe rate ceiling  on
foreign currency non-resident deposit.
10.  The RBI can also allow banks to freely
determine the interest rates on export credit in foreign currency.

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