Indian banks are scrambling to unwind arbitrage trades between rupee non-deliverable forwards (NDFs) and onshore markets, because the deadline for assembly new onshore end-of-day place limits set by the Reserve Financial institution of India quick approaches.
The RBI has given banks till April 10 to adjust to a $100 million cap on web open positions within the onshore market, a transfer geared toward curbing speculative lengthy greenback positions weighing on the forex.
Sellers say that even this week, with simply days till the
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