At that time, there were various bouts of illiquidity as stresses flared in global markets particularly following the failure of Lehman Brothers. Many participants stepped back from the market, particularly because of concerns about the viability of their counterparty to any transaction. The Bank was able to deploy its reserves to inject liquidity into the market in these disorderly conditions.
We were willing to be the counterparty on the other side of the transaction and market participants were willing to deal with us when they weren’t with others. We were not trying to prevent the depreciation of the currency in that episode. From a macro policy perspective, the depreciation was desirable.