business / news / / The New Indian Express
The Reserve Bank of India’s April 10 deadline for capping banks’ end-of-day net open position (NOP) in the rupee.
RBI's $100 million NOP cap deadline led banks to unwind 80–95% of $40 billion positions.
KEY POINTS
- Private sector and foreign banks had open rupee exposures far exceeding regulatory limits before RBI action.
- RBI's ban on rebooking cancelled trades triggered the rupee's strongest single-day rally since 2013.
- With most NOP unwound, experts predict increased rupee volatility as supportive dollar flows diminish.
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