Economics
India’s Central Bank Doubles Down on Market That It Despised
- RBI’s move a policy U-turn from promoting onshore markets
- Central bank may be able to intervene in rupee via NDFs: Oanda
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India’s most ambitious attempt to influence how foreigners trade its currency slipped through with little fanfare two weeks ago.
On a day when the Reserve Bank of India executed an emergency rate cut and pledged $50 billion of liquidity, it also opened the way for local banks to trade non-deliverable forwards, a currency derivative often blamed as a tool for speculators.