The RBI sells dollars directly to India's three state oil refiners and locks banks into 99% daily reserve maintenance, moving the oil import bill onto its own balance sheet.

India is running two interventions at once: the special dollar window for Indian Oil, Hindustan Petroleum and Bharat Petroleum removes the largest corporate bidders from the spot market, while the OMO sale and the daily CRR floor pull rupee liquidity out of the banking system. The two operations point in opposite directions for the rupee — one suppresses depreciation pressure without touching reserves, the other tightens domestic money toward the repo rate — and the cost lands on the RBI balance sheet rather than on the currency. Russia shows the other end of the same trade-off: with the key rate held at 14%, the 10-year OFZ yield at 16.88% and the corporate–OFZ spread at 186bp reflect a term premium the central bank did not create and cannot lower by holding. Japan's cabinet has removed the immediate JGB supply threat by pledging no deficit-covering bonds for its food tax cut, but the two-year revenue hole is deferred to the budget process, not closed.