RBI moves to support rupee at 96.78, cracks down on forex derivatives
· economictimes.indiatimes.com
The Reserve Bank of India introduced new measures to address the pressure on the rupee. These measures include tightening foreign exchange derivative rules and limiting rebooking of cancelled contracts. Furthermore, a 20% cash reserve requirement has been established for large forex derivatives transactions. The central bank aims to enhance market discipline and promote effective risk management strategies.
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