The unwinding followed the Reserve Bank of India’s imposition of restrictions on lenders’ net onshore open FX positions, prompting a rush to lower positions aimed at benefitting from gaps between onshore and non-deliverable forwards.
The unwinding followed the Reserve Bank of India’s imposition of restrictions on lenders’ net onshore open FX positions, prompting a rush to lower positions aimed at benefitting from gaps between onshore and non-deliverable forwards.