RBI bans banks from offshore rupee trading
after close1 source ↓written by the desknot a recommendation
The Reserve Bank of India has banned banks from offering non-deliverable derivative contracts, impacting the $149 billion-a-day offshore rupee market. This move aims to stabilize the tumbling currency and has already led to a significant surge in the rupee, the largest in 12 years. Banks now face a scramble to unwind at least $30 billion in trades, potentially undermining efforts to enhance liquidity in India's currency markets.
Not investment advice. For informational purposes only.