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| As indicated in the mid-term Reviews of October 2001 and 2002 and reiterated in the annual policy Statement of April 2003, RBI has been expressing concern over unhedged foreign currency borrowings by corporates. |
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However, it is noticed that despite such exhortations, hedging has not been ensured. This may entail significant but avoidable risks to some corporate balance sheets, possibly impacting the quality of banks
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