RBI dials down use of NDFs to fight dollar, balance rupee stability

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RBI dials down use of NDFs to fight dollar, balance rupee stability - Business Standard

Quick Summary:

The rupee is trading near an all-time low after falling around 2% against the dollar this year, but it is still one of the best-performing currencies in Asia and has been more stable than its peers, according to Bloomberg-compiled data.

Banks on the other side of the forward contracts had previously offset their long dollar positions overseas by short selling dollars onshore, taking advantage of an arbitrage between the two markets.

Currency traders are now watching closely to see if regime change at the central bank leads to a new strategy following years of interventions on both sides of the market.