The RBI just banned a $30 billion trade.

Not the position. The instrument.

I spent a significant amount of time building a primary-sourced breakdown of exactly how those positions were constructed — six structurally distinct hedge fund strategies, all running simultaneously in the offshore rupee NDF market, all hit by the April 2 ban at once.

The piece also covers something most analysts don't touch: the fixing rates these contracts settle against were manipulated by bank counterparties during 2007–2013. CFTC documented it. €344 million in EC fines followed.

If you want the mechanism behind the headline — not the headline — the full article is below.

This is not written for retail investors.