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Exploring the reasons behind the Indian rupee hitting record lows, discussing RBI's actions, and interventions in the currency market. Understanding the differences between forward, NDF, and futures contracts in the forex market, and the impact of RBI's interventions on forex reserves.
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Quick takeaways
- The rupee is hitting record lows due to the strengthening of the dollar, driven by higher demand for dollars from India's increased oil imports.
- The RBI defends the rupee through interventions in the spot market, offshore non-deliverable forward market, and futures market, using different strategies to minimize the impact on forex reserves.
Deep dives
The Indian rupee's record lows and the RBI's defense
The Indian rupee is near record lows, but it's not a case of the rupee weakening against world currencies. Instead, it's about the dollar strengthening. The increasing price of oil has led to higher demand for dollars as India imports a lot of oil. The RBI is defending the rupee as a weaker rupee leads to higher inflation and increased costs for consumers.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode