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RBI to Defer Decision on FX Derivatives, But May Be Only Temporary Reprieve

INDIA
  • The RBI are to defer the implementation of their FX derivatives rules to May 3rd, according to Bloomberg.
  • The step to defer the implementation of their FX derivatives rules refers to a building expectation that the central bank could look to squeeze INR speculative activity by forcing traders to uncover their underlying exposures and root out those using derivatives beyond hedging.
  • Expectations have been building for an RBI crackdown on this particular sector of the market and this headline may represent only a temporary one-month reprieve.

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