India's RBI bars banks from offering clients rupee non-deliverable forwards amid currency strain

The Reserve Bank of India on Wednesday barred authorized dealers from offering rupee non-deliverable forwards to resident and non-resident clients, further tightening foreign exchange rules as the South Asian currency faces persistent pressure. The central bank said that while lenders could offer deliverable foreign exchange derivative contracts to users to meet their hedging requirements, they need to ensure the clients have not taken an offsetting position in the non-deliverable forwards (NDF) market. The changes follow the regulator's decision last week to impose a $100 million cap on authorised dealers' net open ... (full story)