In short, RBI should actively build reserves when the currency is appreciating and build enough of a buffer to fall back on when there is a sharp swing to the other side. The other is to intervene more strategically and manipulate market expectations to ensure its efficacy. Appearing to defend a level for the rupee might not be a bad idea after all and might just induce exporters to sell at that level, increasing the chance of successful intervention. Intervention might not always be a viable option for RBI but when it does choose to intervene, there are perhaps ways to make it work better.
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