ET Online | 16 Oct 2026, 06:00 AM IST

A 1 am RBI announcement. A sharp rupee rebound. And a flurry of measures to defend the currency. But who pays for the rescue?On The Morning Brief Decode, Anirban Chowdhury speaks to The Economic Times’ Sugata Ghosh about what the RBI’s unusual urgency reveals, how its interventions work and who could bear the costs.In this episode:• How a special dollar window for oil companies takes pressure off the currency market.• Why costlier hedging could leave genuine importers exposed.• What the 20% foreign exchange reserve requirement means.• How offshore currency bets influence the rupee at home.• Why the RBI cannot resolve structural weaknesses in dollar inflows alone.The rupee has recovered some ground. Have the underlying pressures eased—or has the RBI simply bought time?

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