印度央行在十多年来首次对卢比进行了最有力的捍卫，并表示尚未结束。
India’s central bank has mounted its strongest defense of the rupee in more than a decade, and said it’s not done yet.
印度储备银行的措施帮助货币从接近历史低点反弹，但分析师们正质疑，鉴于印度对能源进口的高度依赖，这种缓解能持续多久。印度储备银行行长桑贾伊·马尔霍特拉周二表示，如有必要，央行将考虑进一步措施，以遏制市场上的投机交易。以下是印度当局可以考虑的进一步措施：上周，印度央行时隔近四年首次加息，并暗示将进一步加息。与一些亚洲同行不同，印度储备银行一直克制使用货币紧缩来支撑货币，但物价压力上升以及与美国的收益率差距缩小，正为其转向鹰派提供理由。
The Reserve Bank of India’s measures helped the currency rebound from a near record low but analysts are questioning how long the relief can last given India’s heavy dependence on energy imports. The central bank would consider further measures, if needed, to curb speculative trading in the market, Governor Sanjay Malhotra said Tuesday. Here’s a look at further steps Indian authorities can consider: The central bank last week raised interest rates for the first time in nearly four years and signaled further hikes. Unlike some of its Asian peers, the RBI has refrained from using monetary tightening to support the currency, but rising price pressures and a narrowing yield gap with the US are giving it reasons to turn hawkish.
根据三菱日联银行（MUFG Bank Ltd.）的报告，卢比继续面临资本流入问题，外国直接投资净额大幅下降，导致货币比过去更依赖波动较大的外国组合投资流入。
The rupee continues to face a capital inflow problem, with a sharp drop in net foreign direct investment causing the currency to be far more dependent on volatile foreign portfolio inflows than in the past, according to MUFG Bank Ltd.
“提高利率是解决根本失衡的一种方式，也是我们预测印度储备银行将进一步加息的关键原因之一，”该行高级货币分析师迈克尔·万表示。
“Higher rates are one way to resolve the fundamental imbalance and is one key reason why we are forecasting RBI to hike rates further,” said Michael Wan, senior currency analyst at the lender.
印度储备银行可以提高银行的紧急贷款利率，使资金成本上升、流动性趋紧，以支撑卢比。所谓的边际常备便利工具（MSF）目前比关键政策利率高出25个基点。
The RBI can raise its emergency lending rate for banks, making funds more expensive and tightening liquidity to support the rupee. The so-called Marginal Standing Facility currently stands 25 basis points above the key policy rate.
印度储备银行上次独立于回购利率提高MSF利率以捍卫卢比是在2013年。在“缩减购债恐慌”期间，该利率上调了200个基点，拉大了与政策利率的利差。该措施曾短暂减缓卢比的下跌。
The RBI last raised the MSF rate independently of the repo rate to defend the rupee in 2013. During the taper tantrum, the rate was raised by 200 basis points, widening the spread over the policy rate. The measure briefly slowed the rupee’s slide.
“通过提高MSF利率来扩大上行通道，将导致卢比价格上升，”印度国家银行首席经济顾问索米亚·坎蒂·戈什表示。
“Enhanced corridor on the upper side by increasing MSF rate will result in higher price of the rupee,” said Soumya Kanti Ghosh, chief economic adviser at State Bank of India.
IIFL Capital表示，降低股票长期资本利得税可能带来资金流入并支撑卢比。
A cut in the long-term capital gains on stocks could bring inflows and support the rupee, according to IIFL Capital.
外国投资者一直持续抛售印度股票，今年以来净流出已超过300亿美元，因为投资者将资金转向提供更多人工智能交易敞口的市场。
Foreigners have been relentless sellers of Indian stocks with net outflows exceeding $30 billion so far this year as investors shifted funds toward markets offering greater exposure to the artificial-intelligence trade.
财政部长尼尔马拉·西塔拉曼周二在彭博新经济论坛上表示，“长期资本利得税是很多人一直在评论的问题”，但她将“审慎行事”，因为税收问题与预算非常接近。
Finance Minister Nirmala Sitharaman said at the Bloomberg New Economy Forum on Tuesday that “the long-term capital gains tax is something on which a lot of people have been commenting,” but she would “tread cautiously” on the question of taxation very close to the budget.
Nomura Holdings Inc.和Emkay Global Financial Services表示，央行也应考虑允许更灵活的汇率。
The central bank should also look at allowing a more flexible exchange rate, according to Nomura Holdings Inc. and Emkay Global Financial Services.
Emkay首席经济学家Madhavi Arora表示：“持久的解决方案需要更大的汇率灵活性，使卢比能够逐步调整，而不是通过 episodic 修正。”
“A durable solution requires greater exchange-rate flexibility, allowing the rupee to adjust gradually rather than through episodic corrections,” said Madhavi Arora, chief economist at Emkay.
央行近几周一直在货币市场干预，以遏制卢比波动。印度储备银行多次表示，它不针对货币的特定水平。
The central bank has been intervening in the currency market in recent weeks to check rupee volatility. The RBI has repeatedly said that it doesn’t target a specific level for the currency.
印度国家银行的一份备忘录指出，当局可能进一步将出口商将海外收入汇回印度的期限缩短至六个月，以符合出口付款的典型信贷期。
Authorities could further shorten the deadline for exporters to bring their overseas earnings back to India to six months, in line with the typical credit period for export payments, according to a State Bank of India note.
印度储备银行去年曾将该期限延长至15个月，之后在美国对印度实施惩罚性关税后，于今年6月将期限缩短至九个月。
The RBI had cut the timeline to nine months in June after extending it to 15 months last year when the US imposed punitive tariffs on India.
Nomura经济学家（包括Sonal Varma）在一份备忘录中写道，提高国内燃油价格以减轻财政压力和降低消费者对石油的需求是一个选项。
Raising domestic fuel prices to reduce fiscal pressure and consumer demand for oil is an option, Nomura economists including Sonal Varma wrote in a note.
此举可随时间推移抑制燃油需求，从而可能降低印度的石油进口账单和对美元的需求，进而支撑卢比。
Such as move can curb fuel demand over time, potentially reducing India’s oil-import bill and demand for dollars, thereby supporting the rupee.
印度国内占据市场90%以上份额的国有炼油企业自5月25日起一直维持柴油与汽油价格不变。不过，私营炼油商则上调了油价。据ICRA有限公司统计，这些国有炼油企业因低价售油每日损失达53亿卢比。
India’s state run refiners that command over 90% of the market have kept diesel and gasoline prices unchanged since May 25. Private retailers, however, have raised prices. State refiners are losing 5.3 billion rupees daily on discounted fuel sales, according to ICRA Ltd.