In my Mint column of 6 May 2019, co-written this week with Rupa Subramanya, and now on line, we argue that RBI's forex swaps represent the central bank playing with fire, and we explain why we believe they are doing this.

https://www.livemint.com/opinion/columns/opinion-why-the-reserve-bank-is-playing-with-fire-with-currency-swaps-1556873601761.html