Usha Thorat head of RBI task force on offshore rupee markets

The Reserve Bank of India (RBI) has recently constituted an 8-member task force headed by its former deputy governor Usha Thorat to examine issues related to offshore rupee markets and recommend policy measures to ensure the stability of the external value of the domestic currency. The task force will assess the causes behind the development of the offshore rupee market and study the effects of the offshore markets on the rupee exchange rate and market liquidity in the domestic market. It would also recommend measures to address concerns, if any, arising out of offshore rupee trading besides proposing measures to generate incentives for non-residents to access the domestic market. The panel would submit its report by the end of June 2019.