RBI Requests Banks to Limit Offshore Currency Forwards for Arbitrage

Reported about 14 hours ago

India's central bank, the Reserve Bank of India (RBI), has reportedly advised banks to decrease the practice of purchasing dollars in the onshore market and selling them in the offshore non-deliverable forwards market for profit. This request follows concerns that such arbitrage activities are putting pressure on the Indian rupee, which has been struggling as one of Asia's weakest currencies this year.

Source: YAHOO

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