(March 30): India’s most dramatic step in more than a decade to curb speculation in the foreign-exchange market delivered only fleeting gains, with the rupee’s initial jump reversing. After surging as much as 1.4% at the Monday open, the rupee gave up gains and hit a fresh low in the final stretches of trading. The measure immediately drew pushback, with banks warning that unwinding positions totalling at least US$30 billion could lead to steep losses. In recent years, the RBI has mainly sold dollars — including more activity in offshore markets — to curb sharp swings in the rupee. Prior to the RBI’s latest measure, banks were permitted to set the so-called open position limits within 25% of their capital.

Source: The Edge Markets March 30, 2026 05:22 UTC