India RBI Cuts Short Forex Derivative Book to $65.2 Billion
Pilgrims walk past a Reserve Bank of India in Prayagraj, Uttar Pradesh.
Photographer: PV/YT/BloombergIndia’s central bank lowered short dollar positions in the derivatives market for a third successive month in a rejig of its intervention strategy under new chief Sanjay Malhotra.
The net book was $65.2 billion short in the forwards market as of May, Bloomberg calculations from RBI data showed. This compares with $72.6 billion as of end-April and a record of $88.8 billion in February.