Drawing from the recent Indian experience, I could say that there is a need to use multiple instruments  BIS central bankers’ speeches  11  including drawdown of foreign exchange reserves, monetary tightening, augmentation of reserves and administrative measures to dampen speculative outflows and encourage inflows to stabilise market conditions.
At the end it is difficult to say what worked and what did not work and how best to sequence these policies; but surely once the pressure abates it is important to reverse extraordinary measures to reinforce market confidence. Thank you.