Reserve Bank Of India Bars Banks From Holding O/N Forex Positions


India's central bank, the Reserve Bank of India (RBI), appears to be sending out signals that it now plans to continue along the tough lines it undertook several weeks ago to stem the rupee's tumble amidst the ongoing Asian currency turmoil. RBI officials recently outlined plans for commercial banks to square positions daily, which sources say effectively buries plans for an Exchange Rate Monitoring Band.

On January 6, the RBI barred banks from maintaining open overnight positions in the foreign

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact customer services -, or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to FX Markets? View our subscription options

You need to sign in to use this feature. If you don’t have a FX Markets account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: