(Bloomberg) — India’s most ambitious attempt to influence how foreigners trade its currency slipped through with little fanfare two weeks ago.On a day when the Reserve Bank of India executed an emergency rate cut and pledged $50 billion of liquidity, it also opened the way for local banks to trade non-deliverable forwards, a currency derivative often blamed as a tool for speculators.The policy shift opens a new front for the RBI to manage volatility in the rupee, which plumbed to a record low during the coronavirus outbreak. The central bank, with foreign reserves worth about $475 billion, is taking a …read more
Source:: Yahoo Finance
