RBI ramps up offshore currency market interventions to shield rupee

India’s central bank has stepped up its interventions in offshore currency markets to defend the beleaguered rupee, according to people familiar with the development. The Reserve Bank of India has built up short dollar positions of at least $15 billion in the non-deliverable forwards market over the past two to three weeks, the people said, asking not to be identified discussing private matters. That marks a firm return to a segment in which the central bank had steadily reduced its presence over the past y ...