India bans banks from offshore rupee trading instruments
after close1 source ↓written by the desknot a recommendation
- offshore rupee market
- $149 billion-a-day
- cap on daily
- $100 million
- in trades
- $30 billion
India has barred banks from offering non-deliverable derivative contracts, impacting the $149 billion-a-day offshore rupee market. This aggressive measure aims to support the weakening currency, leading to a surge in the rupee—the largest in 12 years. Banks now face a $100 million cap on daily currency positions, prompting a rush to unwind $30 billion in trades.
Not investment advice. For informational purposes only.