US$deprec

iat
ingduri
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20t
hOct
ober2009peri
odasisclearf
rom
thefol
lowi
ngchart
:
 Duri
ngt hisperiodf
rom31 stMarc h2007t o
31stmarch2008f orexderiv
ativesl
aunc hedand
aggressivel
ys oldbybanksbut allofasuddenaf ter
the12mont hswhent heforexhadbeens ol
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t
uneof 3t
r i
ll
ion,US$abnormal l
ys t
artedappr eciati
ng
inIndi
aandt hat t
oowhent heRBI had250–300Bi l
li
on
US$forexreserves,asiscl
earfromt hefoll
owingc hart:
-
T
hereforetheneedtoprobewhys oaggressivel
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ex
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orexregulationsands t
ill
no
realacti
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.Onthec ontr
ary
,thesoftapproac hoft
heRBI
agai
ns t
theviolators.