Deepak Shenoy of Capital Mind joins us to explain what has been happening with the rupee over the past few weeks.

Some of it is straightforward — India imports a lot of oil, oil is now significantly more expensive, and that means we need a lot more dollars than before. But there has been a more technical layer to the story involving something called the NDF market, which most people haven't heard of, and that is what this conversation is really about.

We spoke about how India's forex market is structured and who the players are, how the RBI manages the rupee, what the NDF market is and why it matters, how Indian banks built up billions of dollars in arbitrage positions that were quietly pushing the rupee down, how the RBI caught on and tried to shut it down, and why Deepak thinks the only real fix is something far more fundamental than anything the RBI can do on its own.

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