• Corporate FX hedging takes its toll, Barclays estimate USD4-8bln next 6-12 months
  
  
• Hedging a new development, significant amounts done in past 12 months
  
  
• Structural current account deficit  tends to be poor in Q2 (Barclays) - weighing on IDR
  
  
• Thin liquidity and one side nature of flows cannot be easily absorbed