In the early 1990s, the foreign exchange (forex) market in India
was in the initial stages of development and suffered from several
shortcomings. The spot market, as well as forward market, lacked
depth and liquidity. The market was skewed with a handful of public
sector banks accounting for the bulk of merchant business, with
foreign banks handling most of inter-bank business. The forward
rates reflected demand and supply, rather than interest rate
differentials, owing to lack of integration between the money and
forex markets and also due to restrictions on borrowings/lendings
in the international market. India's post-reforms period (1991
onward) has been marked by wide-ranging measures to widen and
deepen the foreign exchange market. In line with the liberalization
measures undertaken in other areas, various reform measures have
been introduced in the foreign exchange market to make it liquid,
vibrant, open, and market-determined. From a managed floating
system under which the exchange rate was officially determined, the
regime has passed through several phases to reach the present
market-based system under which the exchange rate is determined by
forces of demand and supply. With the introduction of
market-determined exchange rate, companies have been exposed to
risks of fluctuating rates which divert their attention from
day-to-day corporate affairs. Management of risk associated with
exchange rate is a new challenge for company managers. What is this
risk? What are the perceptions of corporate managers about it? How
to cope with it? These issues and solutions are discussed in
Foreign Exchange Risk Management.
General
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