RBI to re-address Forex limits

India’s central bank is looking to re-address the daily limits it applied on intra-day position limits. The Indian Rupee has

India’s central bank is looking to re-address the daily limits it applied on intra-day position limits. The Indian Rupee has been trading on all time highs in December after inflation and speculation on the BRIC currency.

“Within the overarching prerequisite of facilitating genuine hedging needs of the customers, Reserve Bank would consider relaxations, in particular those relating to intra-day position limits, in a calibrated manner at appropriate time,” RBI Deputy Governor HR Khan said at the annual conference of the Foreign Exchange Dealers Association of India (FEDAI) in Zurich.

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The RBI has been looking at liberalising its currency as India competes with global trade. The currency has capital controls and is traded as an NDF.

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The Indian rupee is currently trading at 51.40 against the greenback.

India introduced domestic currency futures on the USD INR to prevent locals trading in the volatile spot FX (G7) markets.

The RBI has been clamping down on margin FX, it sent out two disclaimers discouraging retail investors in 2011.

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