Standing helpless against a rapidly depreciating rupee, the Reserve Bank of India (RBI) was forced into action. The central bank has now eased norms to encourage foreign currency inflows. Interest rate ceilings on different maturities of foreign currency non-resident (FCNR) deposits have been relaxed. However, these measures may not help curb the fall of the rupee. Policy issues including the General Anti Avoidance Rules (GAAR) need to be clarified. Oil prices, a huge component of our import bill, also needs to soften. Companies, which took advantage of the cheap credit overseas, need to make repayments in dollar terms. Unless some of these issues get resolved, there will continue to be pressure on the Indian currency.