Encouraging greater use of onshore derivatives is an important component of India's economic reform agenda, but liberalisation of the markets has been slow and most rupee hedging – particularly with a duration out beyond five years – is still done through the offshore non-deliverable forward (NDF) market.
According to the Bank for International Settlements' latest Triennial Central Bank Survey, the average daily turnover of the offshore NDF market for rupee trading is $19 billion, compared with
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