The financing conditions in the commercial paper and corporate bond market also deteriorated, reflecting overall market conditions as well as generalised risk aversion. The Rupee sharply depreciated, with increasing volatility and heightened forward premia. The Reserve Bank 1/5  BIS central bankers' speeches  acted proactively and nimble-footedly to ease financial market conditions and mitigate risks with a slew of conventional and unconventional measures.
Market participants responded with alacrity and together we have been able to ensure stable and resilient markets across all segments. The Reserve Bank remains committed to fostering orderly functioning of financial markets and will continue to evaluate incoming information having a bearing on the financial markets and act, as needed, to mitigate any downside risks. 7.