RBI announces more actions amid rupee depreciation

MUMBAI,  (PTI):- Amid sharp depreciation in the rupee, the Reserve Bank on Wednesday announced more actions focused on authorised dealers (ADs).

The moves follow a “review of evolving market conditions” and are applicable immediately.

Authorised dealers (ADs) — banks authorised by RBI to deal in foreign exchange — will not be able to offer non-deliverable derivative contracts involving the Indian rupee to resident or non-resident users, the central bank said in a late-evening notification.