India's central bank does not see interest rate hikes as the best way to defend the embattled rupee, three sources said, a position at odds with markets, reinforcing that inflation - not the currency - will guide policy on borrowing costs. The Reserve Bank of India has other levers it has yet to deploy, according to the sources familiar with the RBI's thinking, which Reuters reported earlier included options such as dollar deposit schemes for non-resident Indians and tax tweaks for debt investors.