由 Pratigya Vajpayee 印度正在通过央行十多年来最强的货币捍卫行动来界定其对卢比贬值的容忍度，将 97 设为底线。
India is defining its tolerance for rupee weakness with the central bank’s strongest currency defense in more than a decade reinforcing 97 as the limit.
印度储备银行周六公布了亚洲最为严格的管控措施之一，此举是在卢比兑美元逼近历史低点 97 之后采取的。虽然这些措施在周一为卢比提供了一些喘息空间，但维持反弹可能更具挑战性，因为高企的油价和资本外流正在给货币带来压力。
The Reserve Bank of India unveiled on Saturday some of Asia’s most stringent curbs after the currency approached the record low near 97 per dollar. While the moves offered the rupee some reprieve Monday, sustaining the recovery may be harder as elevated oil prices and capital outflows weigh on the currency.
卢比周一飙升 1.2%，为自四月以来的最大单日涨幅，报 95.5963 卢比兑 1 美元。债券下跌，基准 10 年期收益率升至 2023 年 11 月以来的最高水平。
The rupee surged 1.2%, its biggest jump since April, to 95.5963 per dollar. Bonds fell, with the benchmark 10-year yield rising to the highest level since November 2023.
“如今可以肯定的是，97 卢比兑 1 美元是印度储备银行在卢比问题上划定的红线，”孟买 ICICI 证券初级交易商有限公司经济学家 Abhishek Upadhyay 表示。印度储备银行的信息是，卢比的跌幅过于剧烈，央行愿意不惜一切代币来防止出现新的历史低点，他说。
“It is absolutely evident now that 97 per dollar is the RBI’s line in the sand for the rupee,” said Abhishek Upadhyay, an economist at ICICI Securities Primary Dealership Ltd. in Mumbai. The RBI’s message is that the rupee’s fall has been too sharp and the central bank is willing to do whatever it takes to prevent a new record low, he said.
澳大利亚及新西兰银行集团、法国农业信贷银行和马来亚银行也认为 97 是印度储备银行的关键水平。
Australia & New Zealand Banking Corp., Crédit Agricole SA and Malayan Banking Bhd also view 97 as the key level for the RBI.
新措施包括设立特殊窗口以满足国有石油公司的美元需求，以及对某些外汇衍生品实施准备金要求。印度储备银行上周已加息并表示愿意进一步紧缩政策，周一再次在岸外汇市场进行干预以支撑卢比，熟悉情况的交易商表示。
The new measures include a special window to meet state-run oil companies’ dollar needs and a reserve requirement on certain foreign-exchange derivatives. The RBI, which raised interest rates last week and signaled it was open to further tightening, again intervened in the onshore market Monday to support the rupee, traders familiar with the matter said.
“印度储备银行的最新措施进一步强化了 97 作为卢比红线的地位，至少暂时如此，”新加坡马来亚银行外汇分析师 Shaun Lim 表示。
“The RBI’s latest measures reinforce 97 as a line in the sand for the rupee, at least temporarily,” said Shaun Lim, FX analyst at Maybank in Singapore.
印度储备银行此前已采取多项措施以增强其外汇资源。其海外印度人存款计划募集了创纪录的 1330 亿美元，使其外汇储备在今年早些时候的 9 月份增至近 8000 亿美元。此后，储备规模减少了 510 亿美元，部分原因是印度储备银行通过出售美元来支撑卢比。
The RBI has already taken several steps to bolster its foreign-exchange resources. Its diaspora deposit program raised a record $133 billion, swelling its foreign-exchange reserves to nearly $800 billion in early September. Since then, the stockpile has fallen $51 billion, partly due to the RBI’s dollar sales to support the rupee.
此前，它还将银行的每日净持仓限制在1亿美元，并禁止贷款机构向客户提供不可交割卢比合约，这一限制后来被撤销。它还取消了对全球基金债券投资的税收。
Earlier, it also limited daily net open positions for banks at $100 million and barred lenders from offering clients non-deliverable rupee contracts, a restriction it later rolled back. It also removed taxes on bond investments by global funds.
卢比今年已贬值约6%，是亚洲表现最差的货币之一。印度央行行长桑贾伊·马尔霍特拉上周表示，卢比在某些指标下被低估，且市场在短期内可能表现出非理性。
The rupee has weakened about 6% this year, one of the worst performers in Asia. RBI Governor Sanjay Malhotra said last week it was undervalued on some gauges, and that markets can be irrational in the short term.
最新举措旨在针对外汇衍生品市场的需求。印度央行首次引入外汇风险准备金，要求贷款机构向央行存入相当于每笔超过200万美元名义价值衍生品交易的卢比等值20%的准备金。中国人民银行也有类似工具，通过调整远期合约的准备金要求来管理人民币的压力。
The latest steps target demand in the foreign-exchange derivatives market. For the first time, the RBI introduced a foreign-exchange risk reserve, requiring lenders to hold with the central bank the rupee equivalent of 20% of the notional value of each derivative transaction above $2 million. The People’s Bank of China has a similar tool to manage pressures on the yuan by varying the reserve requirement on forward contracts.
“印度央行仍有许多政策工具可用于防止卢比跌破97，”新加坡斯堪的纳维亚恩斯克银行亚洲战略主管尤金妮亚·维克托里诺表示。“它可能希望这些措施能为其争取时间，直到油价再次回落。”
“The RBI still has a lot of policy measures it can introduce to prevent the rupee from falling past 97,” said Eugenia Victorino, head of Asia strategy at Skandinaviska Enskilda Banken in Singapore. “It is likely hoping that these measures buy them time until oil prices pull back yet again.”