RBI caps banks' net rupee forex positions at $100 mn as Rupee nears 95 mark against US dollar

RBI has directed banks to limit their net open positions on the Rupee in the foreign exchange market to $100 million at the end of each business day. The order applies to authorised dealers and to positions in the onshore deliverable foreign exchange market. This comes as Rupee hit a record low, closing at 94.85 against US dollar on Friday.