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The currency firmed briefly, but later resumed its slide, in what investors say is a sign that such steps may be unable to stem the decline without an outright rate hike.
If April inflation decelerates further from Friday's already lower-than-expected inflation print, the monetary authorities would have a more difficult time justifying an early rate hike and would likely push back outright rate hikes .
The Turkish central bank had for months been struggling to defend the lira by burning through its currency reserves and trying to squeeze up borrowing costs on the margins without resorting to outright rate hikes.
In one of the world's most unorthodox policy mixes, the bank had been battling to support the weak lira with foreign exchange auctions, liquidity adjustments and verbal intervention while avoiding outright rate hikes.
Investors will be looking for more resolute steps from the RBI, such as an outright rate hike that will increase the yield appeal of the rupee.
9% in June) should open room for outright rate cuts pretty soon (no strong view whether first cut will be in August or September, but either is very likely).
Going ahead, Poddar of Goldman Sachs expects " a higher than consensus 300 bps of effective policy rate increases in 2010, with 150 bp coming from outright rate hikes, and 150 bps from moving rates gradually from the reverse repo to the repo window.
They are pushing for increased end-user charges, whether in the form of subscriber line charge increases, line item fees or outright rate increases.