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RBI Step Up FX Intervention

INDIA
  • The Indian central bank step up their efforts on FX intervention, stating that they are monitoring liquidity conditions across the forex market, and are taking further steps to boost forex inflows amid the fall in the INR.
  • The new steps taken are further methods to diversify sources of FX funding and enhance inflows.
  • One of the more notable policy measures includes raising the ECB borrowing ceiling to $1.5bln per fiscal year.
  • INR forward outrights immediately taking note, with 1m forward outright dropping to session lows and challenging the lowest levels of the week printed on Monday at 79.09.

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