.While RBI's directives had reduced such trades by FIIs, there was very little the regulator could do when similar transactions were made by Indian companies that have sizeable exports, imports and foreign loans that can be shown as a genuine underlying basis for forward transactions (in the NDF market, participants do not need any such underlying basis for trades). Instead of raising the issue with companies, over which the central bank has no direct jurisdiction, senior RBI officials verbally ............
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