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 Forward 19, RHS 66 60 66 60 45 40 36 30 11 13 15 - 400 100 09 USD/INR 3M his