Reserve bank Of India offers banks forex swaps
The exports market worsened even more in October. As per the latest ABN Amro India Manufacturing PMI, the new export orders index slipped below 50, indicating that external demand shrunk as a number of India’s key export destinations are on the verge of recession. While an easing of commodity prices, especially crude oil, will reduce the imports bill, a sharp slowdown in exports could still keep the trade deficit close to $10 billion a month.
This week, the rupee may continue to hold on to its gains, on the back of some support from the equity market and the latest move by the RBI on dollar liquidity. The market will closely watch the Index of Industrial Production (IIP) data release for September on Wednesday. In August, the y-o-y percentage growth in the IIP had slipped to a decade low of 1.3%. However, performance in September could have been better, as suggested by a relatively better growth in output of the six infrastructure sectors during that month.
Reserve Bank Cautions On Forex Fraud
The Reserve Bank of India (RBI) has advised the people not to fall in the traps of 
fly-by-night operators. These operators are offering fraudulent offers to the people through e-mails, posts and couriers. The all also engaged in providing fictitious offers of winnings in lottery and money in the stock market. The bank has received number of complaints from various organizations, schools, exchange entities and individuals.
In a usual practice, such fraudulent operators’ demands account details of the individuals. They generally inform internet users and mailed them in their inbox. They also provide them some proofs of legal documents and account details.
The apex bank has already banned participation in lottery schemes under the Foreign Exchange Management Act, 1999. The bank has also scrapped the price of printing paper for currency notes. The per-unit printing cost is likely to fall significantly following the decision of the apex bank.
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