RBI crackdown leads to rupee rally and bank losses
The Indian rupee rose 1.52% to ₹93.18 on 02 Apr 2026, following RBI's measures to cap banks' net open positions. This crackdown may lead to bank losses estimated between $30 billion and $40 billion due to restrictions on rupee NDFs.
pre-market1 source ↓written by the desknot a recommendation
- on 02 Apr
- 1.52%
- after hitting
- ₹93.18
- intraday high
- ₹92.82
- and banning rupee
- $100 million
- due
- $30 billion to $40 billion
The Indian rupee surged by 1.52% on 02 Apr 2026, closing at ₹93.18 after hitting an intraday high of ₹92.82. This rally follows the RBI's aggressive measures, including capping banks' net open rupee positions at $100 million and banning rupee NDFs.
Banks face potential losses of $30 billion to $40 billion due to these restrictions, reminiscent of the 2013 'Taper Tantrum' strategy. This crackdown aims to stabilize the currency amid rising geopolitical tensions.
Not investment advice. For informational purposes only.