India’s central bank is said to have confirmed that exchange-traded currency derivative contracts linked to the rupee can only be offered for hedging purposes after confusion that unhedged trades were allowed for positions below $100 million.
The regulator clarified to the Commodity Participants Association of India in a March 28 email that anyone undertaking such contracts involving the rupee without an underlying exposure would be in violation of foreign exchange rules, according to people familiar with the matter. They asked not to be identified as the email isn’t public.
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March 30, 2024 at 05:37PM
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RBI Regulation: Exchange-Traded FX Derivatives Must Be Hedged - Bloomberg
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