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Informist, Wednesday, Apr. 1, 2026

 

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--RBI: Dealers can't offer non-deliverable rupee derivatives to residents
--RBI:Dealers can't offer non-deliverable rupee derivatives to non-residents 
--RBI:Dealers can offer deliverable rupee derivatives to clients for hedging 
--RBI:Dealers can't allow users to rebook FX derivatives cancelled after Wed 
--RBI: Dealers can't undertake any FX derivative transaction with related parties

 

NEW DELHI – The Reserve Bank of India Wednesday slapped fresh curbs on foreign exchange derivatives trading including disallowing such trades with related parties. In a revised notification, the central bank said this would only apply to such trades involving the rupee. The regulator also said authorised dealers cannot offer non-deliverable derivatives involving the rupee to either residents or non-residents.

 

"Authorised Dealers may, however, continue to offer deliverable foreign exchange derivative contracts to users to meet their hedging requirements provided that the user does not undertake offsetting non-deliverable derivative positions," the RBI said in a notification Wednesday. The instruction went into immediate effect, until further review.

 

This is the second big step by the RBI in less than a week aimed at curbing speculative positioning that could further weaken the rupee. Friday, it had mandated all authorised dealers to trim their onshore net open positions at $100 million by Apr. 10. The rupee fell 4.2% in March after the outbreak of war in West Asia.

 

Authorised dealers also cannot allow clients to rebook foreign exchange derivative contracts involving the rupee, whether deliverable or non-deliverable, that are cancelled after the issuance of the instructions Wednesday. The move is likely to lead to an appreciation in the rupee at the open Thursday. The rupee ended at a record closing low of 94.83 a dollar Monday, dealers said. Money markets were shut Tuesday and Wednesday.  End

 

US$1 = INR 94.83

 

Reported by Aaryan Khanna

Edited by Rajeev Pai

 

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