MARKET NEWS
India central bank's FX forward book swells for 2nd month, underscoring greater rupee defence - REUTERS
By Nimesh Vora
MUMBAI, Nov 28 (Reuters) - The Reserve Bank of India increased its short dollar positions in the FX market by $4.2 billion in October, data showed on Friday, marking a second consecutive month of expansion and underlining heightened efforts to counter pressure on the rupee.
The RBI's short-dollar forward book, which had peaked at $88.7 billion in February, shrank over the next few months, falling to $53.3 billion by August, suggesting that the central bank was content to scale back its forward market footprint.
