Question
Which bank has executed its first non-deliverable forex
derivative transaction with Reliance Industries, after the Reserve Bank of India allowed such transactions for resident Indians?Solution
HSBC India has executed its first non-deliverable forex derivative transaction with Reliance Industries, after the Reserve Bank of India allowed such transactions for resident Indians. The RBI‘s decision to allow banks to offer non-deliverable foreign exchange derivative contracts involving Indian rupee to resident entities is expected to align the rupee hedging curves in onshore and offshore markets.
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