Last week, the Reserve Bank of India (RBI) sent a strong message that it will change the rules of the game in the foreign exchange (forex) markets anytime by, besides other measures, imposing heavy costs for forward purchases of foreign currency by importers. The sledgehammer blow strengthened the rupee from nearly 97 to 95 against the US dollar but left unhedged exporters gaping at lower realisations in rupees than they estimated and importers staring at payments against forward contracts higher than prevailing spot rates.