India caps bank net rupee positions at 100 million dollars
The Reserve Bank of India capped daily net rupee positions at 100 million dollars on Friday. The move aims to stabilize the currency after it hit a record low.
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The central bank of India has implemented a strict ceiling on the foreign exchange positions held by commercial lenders to address mounting pressure on the national currency. On Friday, the Reserve Bank of India (RBI) issued a directive requiring banks to limit their net open positions on the USD/INR (US Dollar/Indian Rupee) to $100 million by the end of each business day. Authorized dealers have been given until April 10 to ensure full compliance with the new mandate.
