Now let me spend a few minutes to reflect upon the current forex markets and the recent measures undertaken by Reserve Bank. 2  BIS central bankers’ speeches  Availability of hedging instruments 10. The availability of hedging instruments was never a major concern for the Indian forex markets.
Instruments such as forwards, swaps and options have been available to market participants since FERA days with cross-currency options available from 1993. In the OTC segment the last entry was that of FCY-INR rupee options way back in 2003. All the instruments have become well entrenched in the market with different segments of corporates showing preference for different instruments. 11.