RBI relaxes some April 1 forex curbs on corporates and banks

The Reserve Bank of India has partially relaxed forex curbs imposed on April 1 to stabilise the rupee. Banks can again offer non-deliverable forwards, and firms may rebook cancelled forex derivative contracts. However, the March 28 rule capping banks' net open rupee positions at $100 million per day remains, ensuring limits on speculative exposure while restoring normal hedging activity.