I think the broad thrust of exchange rate policy has not changed for sometime - that is if there is a perception that inflows are robust, are permanent then there would be less inclination to intervene to support - in a sense - to keep the rupee at the levels it is right now. But if there is a perception that this is a short-term windfall kind of a movement then there might be some inclination to shore up reserves in anticipation of the fact that this flow might reverse. So bottomline is................
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