RBI constituted a panel under Usha Thorat on Offshore Rupee markets

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The Reserve Bank of India has constituted an eight-member task force on offshore rupee markets, headed by Usha Thorat former Deputy Governor, to look into issues related to the markets and recommend appropriate policy measures to ensure the stability of the external value of the rupee.

The 8-member task force will aim to ensure stability of the external value of the domestic currency. The motive behind this is to develop deep and liquid on-shore financial markets that will act as a price setter of the Rupee globally.

The terms of reference of the task force include assessing the causes behind the development of the offshore rupee market; study the effects of the offshore markets on the rupee exchange rate and market liquidity in the domestic market; and recommend measures to address concerns, if any, that may arise out of offshore rupee trading.