Indian Rupee Set for More Chaos as Banks Unwind $30 Billion in Arbitrage Trades

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When trading resumed on Monday, dealers encountered a panic-stricken market with thin liquidity. One of them compared the pressure of getting trades done to an intern performing open-heart surgery. While exact figures are hard to come by, people familiar with the matter estimate banks closed out anywhere from $4 billion to $10 billion of arbitrage positions targeted by authorities.