This time, it’s handing dollar loans directly to oil companies. Why? Because when India’s biggest importers; Indian Oil, HPCL, and BPCL; need forex, they usually flood the market, making the rupee weaker. By giving them dollars from its own reserves, the RBI is quietly removing one of the biggest pressures on the currency. But here’s the catch; this means our forex reserves will dip. And while the move calmed markets for now (the rupee even edged up slightly in forward trading), it’s not a long-term fix. Think of it like using emergency savings to pay your rent; it works today, but what happens tomorrow? This is more than FX policy; it’s a signal that the rupee’s stress is real. And the RBI’s playing chess, not checkers.