Consider the following statements regarding the Reserve Bank of India's instruments for managing exchange rate pressures in the forward and derivatives markets:

Statements

1. A risk reserve requirement on foreign exchange derivative transactions is a tool through which the RBI raises the cost of hedging by mandating that lenders set aside a portion of the rupee equivalent of such transactions, thereby dampening speculative demand.
2. Limiting the notional value of derivative transactions that can be undertaken without an underlying asset (i.e., without a genuine trade or capital-account exposure) is a structural tool distinct from direct spot-market intervention, and is aimed at curbing purely speculative currency positioning.
3. When the RBI channels the dollar-buying activity of large state-owned commodity importers away from the open market — for instance by routing their purchases through a separate window — it reduces the visible demand pressure on the rupee in the onshore market without altering the economy's actual import requirement.