RBI dials down on NDFs to fight dollar

The central bank has started to rein in its ballooning non-deliverable forwards (NDFs) book, according to people familiar with the matter, shifting away from one of its key tools to push back against the strong dollar.

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The Reserve Bank of India has recently let some short dollar positions in the overseas market expire without rolling into new contracts, the people said, asking not to be named. The contracts had maturities of between one and three months, the people said.