# The Reserve Bank of India is tightening oversight of foreign-exchange markets and non-deliverable forward (NDF) norms.

*business · news · 2026-04-07 · The Economic Times*

## Key points

- The RBI has capped banks' net open foreign-exchange positions at $100 million from April 10.
- Banks are now prohibited from offering rupee NDF contracts and must unwind existing positions immediately.
- The RBI's forward book in the NDF market reached $77 billion at end-February, an 11-month high.
- Arbitrage opportunities between onshore and offshore markets have narrowed but not been fully eliminated.
- Price discovery in the NDF market will now be more influenced by global players' positioning.

**Companies:** Kotak Securities
**Countries:** India, Singapore, United Kingdom

[Read the full story on The Economic Times](https://economictimes.indiatimes.com/markets/forex/forex-news/rbi-moves-to-curb-rupee-volatility-after-sharp-fy26-slide/articleshow/130073394.cms)

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