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'RBI now has a problem of plenty'

'RBI now has a problem of plenty'
While RBI’s foreign exchange reserves have swelled to over $400 billion, it has a ‘sell’ position of $981 billion. The Reserve Bank of India (RBI) has built up a $31-billion position in rupee-dollar forwards as a continuous foreign fund inflow has necessitated active intervention by the central bank in the spot market. Forwards contracts are designed to buy foreign currencies at pre-agreed prices. A buyer has to pay a fee, the forward premium, for the right to buy at that ...
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