RBI playing with fire on currency swaps

Vivek Dehejia and Rupa Subramanya are, respectively, resident senior fellow at the IDFC Institute, Mumbai, and a Mumbai-based economic researcher and writer

Important changes are afoot in the Reserve Bank of India (RBI) liquidity management system, and yet this has elicited relatively little serious analysis or scrutiny. Earlier this spring, the RBI conducted a foreign exchange (forex) swap of $5 billion...

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