Moving onshore

The task force appointed by the Reserve Bank of India (RBI) to investigate the question of offshore rupee markets has submitted its report. The provocation for the report has been the recent sharp growth, in the committee’s words, in the offshore trading volumes in the rupee non-deliverable forwards (NDF) market, “likely even beyond the volumes in the onshore markets”. It is not surprising that the RBI is concerned about this issue. Maintaining the stability of the currency is one of its duties, even if it no longer targets a particular level for the rupee. If the value of th.....

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