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IFSC: NDF trades hold sway over rupee, but RBI steps may limit impact

The share of the Indian rupee in the global NDF turnover has also increased significantly to 19.4% in 2019 from 12.6% in 2016. It was 14.4% in 2013. “The rise in offshore trading can disrupt the price discovery process of exchange rates in the onshore market,” the research paper said.

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