Aug 02, 2011
While most companies have developed their treasury processes sufficiently to where they are generally able to protect their business targets, many companies still struggle with defining the best benchmark against which to measure treasury performance.
A large number of companies assess the paid/realized rate against the rate prevailing at the time the exposure is paid or realized – to my mind, this is absolutely the wrong benchmark, since it implies that the default mode for the company is to keep all exposures fully unhedged, which is extremely high risk. An alternate method used by some companies is to compare the achieved rate against the Day 1 forward rate; while this is somewhat better than the zero hedge benchmark, I believe it is still inadequate since it implies that the company always hedges all its exposures on Day 1, which means it is willing to forego any opportunity – there are few companies who would honestly accept this.The best via media is to use a 50% hedge as the benchmark for measuring treasury performance. A 50% hedge is not a bad strategy since it (a) acknowledges the uncertainty in the market, (b) can be implemented without virtually zero cost, and (c) generally provides a reasonable performance. The only downside to this strategy is that it does not provide strong predictability of cash flows, since the 50% unhedged portion could close out at any value. Since this performance can be achieved at very little cost, since you don’t have to invest time and resources thinking about the market, it provides a good benchmark from which to assess how well (or badly) the treasury has performed. Say, for a company with 100 cr of annual exports, the treasury realizes a rate that is 0.8% better than the 50% benchmark, it readily translates to a value add of 80 lakh for the year. If the treasury realizes a rate worse than the 50% benchmark, it has actually lost value for the company. Of course, this sort of benchmarking exercise is only meaningful if the company’s other treasury processes are well developed – in particular, the treasury needs to have full authority to take and implement hedging decisions.As part of our effort at helping companies improve their performance in managing risk, we have focused on consistently beating the 50% hedge benchmark, and have been quite successful, certainly over the last 5 years, as shown in the table above. I believe this is an excellent performance, particularly since over this period the rupee was generally quite volatile and moved between 39 and 52, changing direction as many as eight times. Rupee volatility, too, bounced around from a low of sub-2% to as high as 17% during the 2008-09 crisis. Forward costs moved increasingly in tandem with RBI’s repo rate, and ranged between 1.5% and 7%. We used a hybrid approach to achieve these results, primarily following a structured analytic framework that is designed to (a) ensure that the benchmark rate is never breached whatever happens to the market, and (b) enable capture of some part of market opportunity. The framework, which provides hedge signals whenever certain levels are triggered, requires setting an initial hedge and defining certain processes to take lock-in hedges when the market moves favorably; we build in our market views to set these parameters and processes. Rather than trying to forecast specific rupee values for future dates, we build in our market view by trying to judge the broad market environment – will it be range-bound, trending (up or down), or choppy. In other words, we use much softer assumptions, as compared to a straight forecast. Depending on our judgment of how the market will behave over the next, say, 6 or 9 months, we select the kind of instrument to be used as an initial hedge (forwards, plain vanilla options, call spreads, put spreads, etc.) as well as the amount of initial hedge. The market view also helps determine the kind of lock-in process we would use, although, in general, we find a high water mark approach works best. We revisit the settings at the start of each month.Analysing the table shows that performance for both imports and exports is best in trending markets, irrespective of direction of trend. Choppy markets with high volatility are the most difficult, which is hardly surprising. Another interesting finding is that even when premiums are quite high, the performance remains respectable.What is also rather interesting is that the approach has worked only marginally better for exports (average 1.37% improvement over a 50% hedge) than for imports (1.25%, on average). Given that you have to pay to hedge imports whereas you earn premium when you hedge exports, the parallel performance confirms the robustness of the approach. Thus, for every 100 cr of imports or exports, using this approach would have saved (on average) 1.25 cr or 1.37 cr, respectively; the worst performance would have been in 2009, when the savings in both cases would have been of the order of 40 lakh.The other benefits of following this approach are that it - enables the company to have a definitive picture of its cash flows, since the program is structured to ensure that the benchmark rate is never breached – indeed, the benchmark was never breached over the past 5 years
- generally carries much less risk than a 50% hedge – the average hedge ratio for the hybrid hedge program over the 5 years was more than 70%, with the lowest year average at 45%; and
- like a 50% hedge, can be managed with very limited investment of management time and bandwidth.
|
HAPPY BIRTHDAY RBI!
Apr 03, 2024
|
IS GOLD SIGNALLING A TRUMP VICTORY ?
Mar 11, 2024
|
Is RBI’s Intervention Approach Harming The Economy
Feb 28, 2024
|
Is The Wind Turning Against Populism?
Feb 22, 2024
|
HAVE THE PREMIUMS STOPPED FALLING?
Jan 23, 2024
|
WHAT’S HAPPENING TO OIL?
Jan 11, 2024
|
Is The IMF Right On The Rupee ?
Dec 26, 2023
|
What's Going On With Gold
Dec 05, 2023
|
RUPEE ON THE ROPES
Nov 20, 2023
|
How AI Will Make The World Wonderful
Nov 07, 2023
|
AN OCEAN OF CALM
Oct 10, 2023
|
NO FESTIVE HOLIDAYS FOR RBI
Sep 25, 2023
|
The Next Step Down For The Rupee
Aug 17, 2023
|
HOW CNH (CHINESE YUAN) IS COMPLICATING RBI’S LIFE
Jul 26, 2023
|
Internationalization of The Rupee
Jul 12, 2023
|
A Time For Options
Jun 20, 2023
|
When Will The Rupee Break Out
Jun 05, 2023
|
Depression by Social Media, Death by Artificial Intelligence
May 24, 2023
|
Living With Low Premiums
May 12, 2023
|
THE DOLLAR’S CHOKEHOLD ON GLOBAL FINANCE
Apr 11, 2023
|
SKINNY DIPPING SHOULD BE MORE FUN THAN SWIMMING NANGA
Mar 20, 2023
|
What To Do With The Low Premiums
Mar 09, 2023
|
Beating Both Sides of The Market
Feb 24, 2023
|
Globalization and Gandhi’s Social Sins
Jan 20, 2023
|
Not Quite A Global Currency, But...
Dec 29, 2022
|
A PARADIGM SHIFT FOR THE RUPEE?
Nov 14, 2022
|
Is The Rupee Decline Ending?
Oct 31, 2022
|
Is The Dollar Rally Over?
Oct 03, 2022
|
FEAR OF EQUITIES, REDUX
Sep 19, 2022
|
BUYER BEWARE
Sep 12, 2022
|
The Battle For 80 Is Joined
Aug 29, 2022
|
WHAT IS DRIVING MARKETS TODAY
Jul 29, 2022
|
THE RUPEE AT 80
Jul 19, 2022
|
How Putin is Protecting The Euro
Jul 11, 2022
|
The Heat is On
Jul 07, 2022
|
Another Out of Turn Rate Hike ?
Jul 01, 2022
|
A Terrifying History Lesson
Jun 20, 2022
|
A Treadmill of Death
Jun 02, 2022
|
Even If The Dollar Turns Around, The Rupee May Not
May 23, 2022
|
80 AHOY!
May 05, 2022
|
LET’S CALL PAUL
Mar 30, 2022
|
ONLY THE CHANAWALA KNOWS FOR SURE
Mar 16, 2022
|
MARKETS ARE AMORAL
Feb 28, 2022
|
MY FIRST LESSON IN MACROECONOMICS
Feb 18, 2022
|
COULD THE LIC IPO BE A GAME-CHANGER FOR THE ENVIRONMENT
Feb 07, 2022
|
A NEW FORM OF CAPITALISM
Jan 24, 2022
|
ELECTORAL VOLATILITY AHEAD
Jan 12, 2022
|
WELCOME TO 2022
Jan 03, 2022
|
UBI – AN IDEA WHO’S TIME HAS COME
Dec 28, 2021
|
THE ELEPHANT IN THE ROOM
Dec 13, 2021
|
THE FED IS WA-AY BEHIND THE CURVE
Nov 29, 2021
|
COULD THE RUPEE’S PERMA-BEAR RUN BE COMING TO THE AN END?
Nov 15, 2021
|
THE CHINESE CENTURY
Oct 18, 2021
|
THE NEXT STEP DOWN?
Oct 12, 2021
|
SAVING MONEY ON EUR IMPORTS
Oct 06, 2021
|
WHY CLASSIC RISK MANAGEMENT MODELS DONT WORK
Sep 21, 2021
|
SO, WHAT’S WITH CRYPTO-X?
Aug 27, 2021
|
HOW IMPORTANT IS THE FED FOR THE RUPEE?
Aug 18, 2021
|
THE BEGINNING AND THE END OF LIBOR
Aug 12, 2021
|
MORE EVIDENCE THAT MARKETS DON’T WORK
Jul 28, 2021
|
IS GOD A TECHNICAL ANALYST – PART II
Jul 19, 2021
|
AN IMAGINED PAST IS THE FUTURE
Jul 05, 2021
|
IS GOD A TECHNICAL ANALYST ?
Jun 08, 2021
|
THE RUPEE ROCKET
May 27, 2021
|
MANAGING FX RISK ON IMPORTS
May 07, 2021
|
LET US PRAY
May 03, 2021
|
CAN RBI WIN THIS WAR?
Apr 19, 2021
|
IS IT TIME TO SELL DOLLARS OR BUY THEM?
Apr 08, 2021
|
HOW MUCH LONGER CAN THE RUPEE STAY STRONG
Apr 01, 2021
|
Will Interest Rates Continue to Rise ?
Mar 12, 2021
|
HOW RBI CAN ENHANCE SOCIAL HARMONY
Mar 01, 2021
|
LOOK AT THOSE PREMIUMS GO!
Feb 16, 2021
|
COULD BREXIT HEAL THE WORLD?
Feb 03, 2021
|
IS INFLATION COMING BACK?
Jan 14, 2021
|
IS GOLD BEING PUSHED ASIDE BY BITCOIN
Jan 07, 2021
|
OH NO, NOT AGAIN – ANOTHER HISTORY LESSON
Dec 28, 2020
|
ANOTHER NEW YEAR’S EVE PARTY?
Dec 17, 2020
|
PICTURES AT AN EXHIBITION
Dec 11, 2020
|
SLOW, STEADY STEPS TO CAC
Dec 01, 2020
|
Is Judgment Day Coming?
Oct 30, 2020
|
Chana Jor Garam
Oct 09, 2020
|
BUY EURO, SELL GOLD
Sep 24, 2020
|
Is The Rupee’s Flirtation with 73 Over?
Sep 17, 2020
|
WHAT VPI’S HAVE TO DO TODAY
Sep 01, 2020
|
How Long Can Rupee “Strength” Continue
Aug 26, 2020
|
A Stronger European Flavor
Aug 03, 2020
|
Gold, Golder, Goldest
Jul 27, 2020
|
Missing The Forest For The Trees
Jul 13, 2020
|
A Strange And Risky Picture
Jul 06, 2020
|
More Storms Ahead?
Jun 29, 2020
|
500 Billon And Counting
Jun 18, 2020
|
Needed – A Sustained Push For Police Reforms
Jun 15, 2020
|
Dealing With Known and Unknown Unknowns
Jun 05, 2020
|
India's Next Government
May 28, 2020
|
Could The Rupee Be Getting A Little Respite?
May 18, 2020
|
We Are The World
May 06, 2020
|
Why is The Rupee Sacrosanct?
Apr 27, 2020
|
IS THE RUPEE FISHING FOR A BOTTOM?
Apr 17, 2020
|
Will The Rupee Take A Breather?
Apr 07, 2020
|
After The Fall
Mar 12, 2020
|
The Gods Must Be Crazy
Mar 11, 2020
|
2008 Once More?
Feb 24, 2020
|
A Snake in The Ladder
Feb 10, 2020
|
Continuing Troubles with Growth
Jan 06, 2020
|
Time For A Big Bang
Nov 20, 2019
|
AAP HAS ARRIVED
Nov 04, 2019
|
So Where Will The Rupee Go Now?
Sep 23, 2019
|
Will A Weaker Rupee Help Exports
Sep 20, 2019
|
A Silver Lining
Sep 04, 2019
|
The New Sharia
Jul 22, 2019
|
WELCOME TO ISTANBUL, WELCOME TO BOMBAY
Jul 15, 2019
|
The Rupee and The Budget
Jul 08, 2019
|
WOULDN’T IT BE LOVELY
Jun 13, 2019
|
Stretch Targets for Mr Modi
May 27, 2019
|
YOU AND I WILL BUILD THE NEW INDIA !
Apr 23, 2019
|
PATRIOTISM WILL ALWAYS TRUMP NATIONALISM (no pun intended)
Apr 09, 2019
|
So, What Will the Rupee Do Now?
Mar 18, 2019
|
Not Just Straws In The Wind
Feb 21, 2019
|
ARTIFICIALLY LOW INFLATION
Jan 28, 2019
|
Dear MEERA
Jan 14, 2019
|
2019 - The Year of (Not) Living Dangerously
Dec 31, 2018
|
Turning RBI into the CBI ?
Dec 11, 2018
|
So, Is the Rupee Going Back to 69?
Nov 26, 2018
|
An Idea Who's Time Has Come
Nov 05, 2018
|
Is The Rupee’s Sudden Steadiness Real ?
Oct 26, 2018
|
A Few Things I Have Learned About Forecasting
Oct 15, 2018
|
TURNING IT AROUND
Oct 08, 2018
|
Flirting with Disaster
Sep 20, 2018
|
Easing Imports' Trauma
Sep 07, 2018
|
The Hundred Year Old Man
Sep 05, 2018
|
Is the Dollar Getting Ready to Turn Lower
Aug 27, 2018
|
Ten Year On
Aug 13, 2018
|
SACRED GAMES – A Review
Jul 30, 2018
|
You Just Can't Get Good Help These Days
Jul 16, 2018
|
You are Uniquely Qualified
Jun 18, 2018
|
Monetary Tightening – More to Come
Jun 06, 2018
|
RBI Shows Who's The Boss
May 28, 2018
|
Another Trip to the Pavilion?
May 07, 2018
|
Is the Rupee Headed to 68 ?
Apr 23, 2018
|
Hedging Exports to 24 Months
Apr 16, 2018
|
The Second Wave
Apr 12, 2018
|
Privacy Doesn't Exist In A Global Village
Apr 02, 2018
|
What is Keeping The Rupee from Weakening Further
Mar 05, 2018
|
A Tale of Two Markets
Feb 21, 2018
|
#MeToo is Just The Beginning
Feb 19, 2018
|
Changing The World
Feb 12, 2018
|
EQUITY RHAPSODY
Feb 06, 2018
|
Thinking About The Dollar
Jan 15, 2018
|
The Rupee in 2018
Jan 02, 2018
|
WHY YOU SHOULDN’T INVEST IN BITCOIN
Dec 07, 2017
|
Waiting for 2020
Nov 30, 2017
|
Where Have All The Speculators Gone
Sep 21, 2017
|
A New European-ness
Aug 28, 2017
|
Independence from Political Parties
Aug 21, 2017
|
The Sky is Falling, The Sky is falling
Aug 10, 2017
|
Prudence Uber Alles
Jul 24, 2017
|
Making India Great Again
Jul 11, 2017
|
Making America Great Again
Jul 04, 2017
|
Eid Mubarak!
Jun 27, 2017
|
Equity Disconnect ?
Jun 12, 2017
|
Managing FX Risk on Exports
May 31, 2017
|
VIVE L’EUROPA!
May 22, 2017
|
Deregulate to Generate Much-Needed Volatility
Apr 17, 2017
|
The Limits of Playing The Percentages
Mar 30, 2017
|
Internationalization of the Rupee
Feb 20, 2017
|
It ain't Broke; But It ain't Really Working - FX Risk Management in India
Feb 07, 2017
|
Trump = Uncertainty = Volatility
Jan 23, 2017
|
Is The Dollar Rally Ending?
Jan 09, 2017
|
The Rupee : (Much) Higher Volatility in 2017
Dec 20, 2016
|
Rupee Volatility to Rise Further
Nov 28, 2016
|
Tata to Tata Sons
Nov 23, 2016
|
The End of Trump
Nov 14, 2016
|
The Future According to Trump
Nov 09, 2016
|
Of Lit Cigarettes and Oil Prices
Oct 19, 2016
|
Far from Nonsense
Oct 10, 2016
|
October 4, Here We Come
Sep 26, 2016
|
Desperately Seeking a Signal*
Sep 12, 2016
|
The Science and Art of FX Risk Management
Aug 29, 2016
|
Is Rupee Volatility about to Spike
Aug 18, 2016
|
A New Truly United Kingdom
Aug 08, 2016
|
As Dr. Rajan Starts Packing His Bags…
Aug 02, 2016
|
Could Brexit Be Good For Europe?
Jul 04, 2016
|
The Real Lesson from Brexit
Jun 27, 2016
|
Politics Uber Alles
Jun 20, 2016
|
Known Unknowns
Jun 13, 2016
|
So, What’s all this Trump Nonsense
Jun 06, 2016
|
Lessons from Erdogan
May 24, 2016
|
Managing the risk on eur/usd receivables
May 02, 2016
|
Corridor strategy for managing FX Risk on ECB`s
Apr 18, 2016
|
First Thing We Do, Let’s Kill All The Lawyers
Apr 11, 2016
|
KYC for RBI
Mar 28, 2016
|
A New Authoritarianism
Mar 09, 2016
|
The Decline of Capital
Feb 15, 2016
|
Oil at $5 a Barrel!
Jan 27, 2016
|
Pissin’ in the Wind
Jan 11, 2016
|
The Rupee in 2016
Dec 29, 2015
|
Good Luck to Dr. Rajan
Dec 07, 2015
|
So Could the Rupee Tank Again?
Nov 05, 2015
|
Who's Left, What's Right?
Oct 26, 2015
|
A Birth In Europe, But No Cigar (For Markets)
Oct 15, 2015
|
RAJAN-HO-AKBAR
Sep 30, 2015
|
Back to a Better Reality
Sep 28, 2015
|
What can you do about the rupee ?
Sep 08, 2015
|
Friday, Bloody Friday
Aug 24, 2015
|
Why China devalued the yuan
Aug 17, 2015
|
Enjoying the Rajan put
Jul 30, 2015
|
FX Market Report - July 31, 2025
Jul 28, 2015
|
It's not Greece, It's the Euro
Jul 09, 2015
|
So, what’s gonna happen to the Euro ?
Jun 23, 2015
|
And so it goes – but for how much longer?
Jun 10, 2015
|
Where will the rupee be in two years?
May 21, 2015
|
Why do companies invest?
Apr 27, 2015
|
Fear of convertibility
Apr 18, 2015
|
Reversing the backslide
Apr 13, 2015
|
A difficult transition
Mar 23, 2015
|
Of REER and other animals
Mar 12, 2015
|
Budget 2015 – A few rousing cheers
Mar 02, 2015
|
Is this a “correction” which I see before me
Feb 16, 2015
|
The challenges before AAP
Feb 09, 2015
|
Have I been wrong all along?
Jan 28, 2015
|
Three cheers for RBI’s rate cut
Jan 19, 2015
|
Storm clouds in 2015
Jan 14, 2015
|
Where is Henry Ford?
Jan 12, 2015
|
Call me Mr. Volatility
Dec 31, 2014
|
Modi ka magic ko kya hua?
Dec 22, 2014
|
Dancing to its own tune
Dec 08, 2014
|
Can we now stop worrying about oil prices?
Dec 01, 2014
|
Continuing foolishness on gold
Nov 19, 2014
|
From Ananda, with love
Nov 10, 2014
|
Using FX as a strategic management tool
Oct 27, 2014
|
A lesson for the regulator
Oct 13, 2014
|
Modi ka magic chalega kya
Sep 29, 2014
|
God reads my columns
Sep 15, 2014
|
Regulators always live in interesting times
Aug 28, 2014
|
Rajan and me
Aug 14, 2014
|
Asset-lite as a lifestyle choice
Jul 31, 2014
|
Bring on the lederhosen
Jul 15, 2014
|
Can one man be enough?
Jul 03, 2014
|
Live another day
Jun 19, 2014
|
Back to the pavilion
Jun 08, 2014
|
Rebooting AAP
Jun 05, 2014
|
Stay close to the exits
May 28, 2014
|
Stay close to the exits
May 28, 2014
|
We need heroism not heropanty
May 22, 2014
|
Fighting last year’s battle
Apr 29, 2014
|
Fighting last year’s battle
Apr 29, 2014
|
Burning money
Apr 15, 2014
|
How low can it go…
Apr 01, 2014
|
Stability? What stability?
Mar 18, 2014
|
Be careful with horses
Mar 03, 2014
|
Dear Prudence
Feb 17, 2014
|
Paradigms shifting
Feb 05, 2014
|
The revolution is being televised
Jan 15, 2014
|
Volatility is here to stay
Jan 06, 2014
|
Truly, a new India
Dec 10, 2013
|
It ain’t the market
Nov 25, 2013
|
A more Islamic world
Nov 13, 2013
|
Poker lessons
Oct 30, 2013
|
The rupee in 2030
Oct 14, 2013
|
Snakes and Ladders
Sep 30, 2013
|
Accountability and Governance
Sep 23, 2013
|
Ideal Boy Rides Again
Sep 10, 2013
|
Time to thank the "Speculators"
Aug 29, 2013
|
The only way out
Aug 19, 2013
|
Why companies don’t hedge
Jul 31, 2013
|
Circular reasoning
Jul 22, 2013
|
Vitamin G
Jul 09, 2013
|
The correct value of the rupee
Jun 24, 2013
|
Lessons in risk management
Jun 07, 2013
|
Waltzing Matilda
May 20, 2013
|
Managing Volatility
May 13, 2013
|
Selling India in America
Apr 30, 2013
|
Joy and hope in Cochin
Apr 01, 2013
|
How bad can it get ?
Mar 18, 2013
|
Love me tender
Mar 06, 2013
|
Special More-Than-26
Mar 01, 2013
|
A Real Currency War
Feb 18, 2013
|
Controlling Gold Imports
Jan 24, 2013
|
So, What’s with the Yen
Jan 11, 2013
|
A New Goa
Jan 04, 2013
|
As the Year Turns…
Dec 19, 2012
|
Meaningful Financial Innovation
Dec 10, 2012
|
To ECB or not to ECB
Nov 26, 2012
|
On to 2016!
Nov 08, 2012
|
RBI should Embrace Speculation
Oct 29, 2012
|
Congratulations, Eurozone
Oct 16, 2012
|
Havala, Politics and The Rupee
Oct 03, 2012
|
Champagne and Vada Pao – Again?
Sep 18, 2012
|
SNAP! CRACKLE! POP!
Sep 15, 2012
|
Measuring Business Margins Correctly
Sep 12, 2012
|
Is the Dollar about to weaken ?
Sep 03, 2012
|
The smart money’s on Obama
Aug 27, 2012
|
Making Money isn’t Supposed to be Easy
Aug 17, 2012
|
The Rupee Fan
Jul 31, 2012
|
I'll Do Anything...
Jul 30, 2012
|
How did Bankers Become Sexy?
Jul 19, 2012
|
Has a Serious Dollar Rally Begun ?
Jul 09, 2012
|
A Car Crash in Slow Motion
Jul 03, 2012
|
Measuring Sentiment
Jun 26, 2012
|
47 to 57 in 2012 – ha !
Jun 07, 2012
|
Who is tomorrow’s Narasimha Rao ?
May 25, 2012
|
When The Going Gets Tough…
May 21, 2012
|
Is The Euro Going Down?
Apr 27, 2012
|
Getting More Out of the FX Market
Apr 11, 2012
|
Nandan Nilekani ki Jai
Apr 02, 2012
|
The Conundrum of FX Borrowings
Mar 19, 2012
|
Those Glittering Assets
Mar 05, 2012
|
Global Turbulence – More to Come
Feb 17, 2012
|
A Near-Sure Thing
Feb 09, 2012
|
What was That Bearded Man Thinking?
Feb 06, 2012
|
The Anomalous Strength of the Rupee
Jan 23, 2012
|
Nothing Ideological About It
Jan 09, 2012
|
The FX Market In 2012
Dec 29, 2011
|
Party Time!
Dec 26, 2011
|
ONE CHEER FOR RBI
Dec 19, 2011
|
India Is Not Going To Hell
Dec 07, 2011
|
So What’s Happening To The Rupee?
Nov 28, 2011
|
Intervene Today; Deregulate Tomorrow
Nov 21, 2011
|
C’mon Mr. Cain
Nov 09, 2011
|
Keep On Praying
Oct 31, 2011
|
Acting Lessons for RBI
Oct 17, 2011
|
A Brave New (Globalized) World
Sep 29, 2011
|
A Different Kind of Fool
Sep 23, 2011
|
European Football and a Dollar Rally
Sep 16, 2011
|
Will The Collapsing Euro Save Itself
Sep 12, 2011
|
Making Hedging Markets More Effective
Sep 05, 2011
|
The Anna Effect and Other Joyous Animals
Aug 29, 2011
|
Betting on a Range-bound Rupee
Aug 22, 2011
|
Shoot the Messenger
Aug 08, 2011
|
Benchmarking Treasury Performance
Aug 02, 2011
|
Betting on a Range-bound Rupee
Aug 01, 2011
|
Lesson From My Father – Redux
Jul 14, 2011
|
Welcome to Turkey
Jul 08, 2011
|
Has RBI Lost Control of the Rupee
Jun 27, 2011
|
Managing Raw Material Price Risk
Jun 06, 2011
|
Third Time Lucky?
May 30, 2011
|
Light Up and the Bus will come
May 09, 2011
|
Time To Fast-track Full Convertibility
Apr 25, 2011
|
A Tribute to Sarah Wells
Apr 08, 2011
|
Three Birds With Two Stones
Mar 18, 2011
|
Another Step Towards a New Islam
Mar 11, 2011
|
Bhrabo!
Feb 28, 2011
|
Another Step Towards a New Islam
Feb 22, 2011
|
Don’t Arabs Love Gold Any More?
Feb 08, 2011
|
Thank you, Anish Kapoor
Jan 28, 2011
|
Faint Heart Never Won Fair Lady
Jan 25, 2011
|
Beyond the Inflexion Point
Jan 07, 2011
|
Visibility: Poor
Dec 30, 2010
|
India 2030: May The God Of Your Choice Bless You
Dec 06, 2010
|
The New G-7
Nov 26, 2010
|
Thoughts From Turkey (and Elsewhere)
Nov 16, 2010
|
Takeaways From the 2nd Quarter Review of Monetary Policy
Nov 03, 2010
|
The Rise of a New Europe
Oct 25, 2010
|
(Another) Lesson From the Past
Oct 08, 2010
|
The OTC FX Market – Falling Behind the Curve
Sep 24, 2010
|
Unnatural Hedging
Sep 03, 2010
|
Smile Darlin’, It’s Better Than You Think
Aug 23, 2010
|
Do You Believe in Empirical Evidence?
Jul 30, 2010
|
Could the Rupee Hit 50 Again?
Jul 22, 2010
|
Higher Volatility Ahead?
Jul 14, 2010
|
A Return to Values?
Jul 01, 2010
|
Don’t Cry for Me, Maradona
Jun 21, 2010
|
Could the World Cup Trigger a Correction in the Euro?
Jun 11, 2010
|
The Next Cycle
Jun 02, 2010
|
I Hate to Say It, but…
May 24, 2010
|
W(h)ither the Euro – a Fable
May 05, 2010
|
Could the Euro Go into Long-term Decline
Apr 09, 2010
|
Enabling Better Profits for Small Exporters
Apr 05, 2010
|
Shades of Enron
Mar 22, 2010
|
Bt or Not To Be
Mar 16, 2010
|
Post Budget: A New Paradigm
Feb 26, 2010
|
Budget Ideas for The Financial Sector
Feb 19, 2010
|
Time For More Aggressive Regulation
Feb 03, 2010
|
American Breakfast
Jan 25, 2010
|
The CAG handicap
Jan 11, 2010
|
Bringing Hedgers to the Futures Market
Dec 30, 2009
|
The Major Currency Risk In 2010
Dec 16, 2009
|
God Bless You, Mr. Obama
Dec 11, 2009
|
Dear Mr. Bhave (and Dr. Subbarao)
Dec 03, 2009
|
Has RBI been diversifying out of dollars?
Nov 16, 2009
|
Welcome To Vegas
Nov 02, 2009
|
Rabbit in the headlights – again
Oct 09, 2009
|
The calm after the storm
Sep 25, 2009
|
Sufferin’ Art
Sep 11, 2009
|
Is it time to hedge your interest rate risk
Aug 31, 2009
|
Unconventional wisdom
Aug 31, 2009
|
A gift for the chairman's wife
Aug 17, 2009
|
Surf’s up!
Aug 01, 2009
|
Dr. Subbarao As Tiger: 25% Visibility, 75% Ability
Jul 28, 2009
|
Coming of age
Jul 20, 2009
|
Thoughts on the budget
Jul 09, 2009
|
Guinness is good for you
Jul 02, 2009
|
Will it rain the day after tomorrow?
Jun 08, 2009
|
Cleaning the Augean Stables
May 19, 2009
|
Bali Hai
May 14, 2009
|
Another exotic bet
Apr 27, 2009
|
Buy US corporate bonds
Apr 24, 2009
|
Mumbai chi Meera
Apr 13, 2009
|
Turning around cautiously
Mar 30, 2009
|
The curious role of the forex committee
Mar 16, 2009
|
Green shoots
Mar 02, 2009
|
The Party Party
Feb 16, 2009
|
Obama is Jamal
Feb 02, 2009
|
Who do you trust?
Jan 19, 2009
|
The New American Dream
Jan 05, 2009
|
|