Even if our financial system proved resilient, our exports plummeted 21 per cent in the wake of the global recession. And still today, our exports remain below their pre-recession level. The global financial crisis continues to cast a long shadow.
As announced in the Annual Report, the Reserve Bank could consider further measures for extending access to the OTC currency derivatives to the international stakeholders over the medium term. FPI participation in the G-sec market 22. In the recent past, Reserve Bank had noticed trends of volatile FII flows in the short-term debt market which were impacting the foreign exchange markets as well.