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RBI Lifting Curbs on Banks' Forex NDF Arbitrage Trades - Reuters News

INDIA
  • Reuters report that India's central bank is easing restrictions on banks' arbitrage trades between the outright foreign exchange over-the-counter (OTC) and the non-deliverable forward (NDF) markets, according to four people familiar with the matter.
  • The RBI has allowed banks, that have made requests, to resume such trades, a person directly familiar with the central bank’s thinking said. "There have been banks who have called and asked whether they can start doing it," and the central bank has approved.
  • Reuters add that the RBI had imposed an informal ban on dollar/rupee arbitrage trades in August 2023, when it was intervening to prevent the rupee from slipping to a record low, while banks were taking advantage of price differences between the OTC and NDF markets. The RBI is now asking banks to do arbitrage in a way that "shouldn't adversely impact the currency".

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