Not with a rate hike, but through FX intervention and reserve requirements. This is classic RBI: absorb rupees by selling dollars, then lock it in by tweaking CRR. No headline drama, just smart, behind-the-scenes calibration. The goal? Keep the overnight rate aligned with the policy corridor; nudging call rates up without touching repo. Markets should watch the next liquidity ops calendar and forward premia; that’s where the real story unfolds. For job aspirants, this matters: tighter liquidity could mean slower credit growth, impacting sectors like real estate and MSMEs; indirect but real pressure on job creation. The RBI isn’t panicking. It’s fine-tuning. And that’s the quiet power of central banking.