CHF 1.7163 US 30 Yr. The Market is Dead The Dollar-Rupee market is as dead as a doornail. The RBI's Credit Policy came and went without moving the market by even a paisa. And that is the way the Reserve Bank wants it. The market just does not move.
Market participants find it difficult to even survive without movement.
The Glory Days of the Dollar-Rupee market, when interbank dealers and dealers at foreign exchange brokerages were an envied lot are no more. We bring up this point to draw attention to the vast amount of work that needs to be done to reach from where we are right now to where we will HAVE to be in few years time. Laws will have to be changed, infrastructure will have to be created - all from Ground Zero. There's a lot of work to be done we have not yet started. The remittance reached the Overseas Branch of our bank about a week ago.