India regulator mulls launch of offshore rupee market
The idea of a fully convertible offshore INR market is met with scepticism from market participants
The Reserve Bank of India (RBI) has been consulting with banks about the possibility of setting up a fully convertible offshore foreign exchange market in a move analogous to China's currency liberalisation but many are sceptical that this will get off the ground.
Like most emerging Asian economies, India's currency is not fully convertible, which means that foreign investors do not have total freedom to convert their local financial assets into foreign ones at market rates. But in April RBI
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