Mint Quick Edit | RBI has rushed to curb forex speculation by banks: Are tighter rules necessary?
Banks in India got a jolt late on Friday after the Reserve Bank of India (RBI) capped their net open positions in the forex market at $100 million. Many have been sitting on large long-dollar positions, which they’ll now be forced to unwind by RBI’s deadline at a loss. Bank stocks, of course, slid on Monday.
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