In our statement, we made every effort to provide as much information as possible to institutions interested in Basel II, and also, I hope, showed how seriously we are taking Basel II implementation and paying attention to its possible consequences.
RBI’s response as forex manager The RBI assured the markets that it would continue to sell foreign exchange (US dollar) through agent banks to augment supply in the domestic foreign exchange market or intervene directly to meet any demand-supply gaps, and did so, especially in October 2008.