et by 2018. Corporate borrowing in Page 18 foreign currency is subject to regulation and caps. FDI liberalization has been a growing focal point. USD/INR exchange rate 70 ea so 66 60 45 36 30 26 zo I5 95 05 10 15 50 USEVINB spot kite and 3M NDF premium 76 —INR Spot 70 —INR 3M Forwar