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How RBI Managed To Fend Off An Old Foe — The Offshore Rupee NDF Market
Two years ago, RBI allowed local banks to participate in the non-deliverable forwards market. What has changed since then?
There are few things that scare central banks more than an attack on the currency. India has seen its share of them—the 2013 and 2018 ones being the most recent. In each of these episodes, a familiar foe emerged—the non-deliverable forwards market for the dollar/rupee pair. Trades in this segment, which the Reserve Bank of India had least control over, would often spill over into volatility in the spot markets, making the central ban...
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