RBI tightens FX rules to calm rupee as offshore pressure still lingers

Banks face new open-position limits and NDFs are barred

The RBI has tightened India’s foreign-exchange framework to reduce offshore-driven pressure on the rupee. It has capped banks’ net open FX positions and barred non-deliverable forward contracts, moves designed to curb speculation. The goal is to limit offshore influence and protect RBI FX reserves, even as market effects outside India continue to linger.