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India’s currency market roiled as banks protect dollar assets

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India’s foreign-exchange market is getting roiled after the government told state-run banks to protect their dollar deposits due to a tax dispute.

Banks were told by the authorities to protect their dollar deposits on concern that U.K.-based Cairn Energy Plc will move to seize India’s offshore assets after winning an arbitration ruling, according to people with knowledge of the matter.

"There are no cash receivers in the market, everyone is a payer, ” said Anil Kumar Bhansali, a treasurer at Finrex Treasury Advisors. Dollar"cash levels are high. So near-term premiums are also high.” Cairn Energy can push global authorities to impound Indian assets if the South Asian nation declines to honor an arbitration ruling in a $1.2 billion tax dispute, according to a letter the company sent to the Indian High Commission in the U.K. earlier this year.

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