The Indian rupee appreciated sharply to 93.59/$ after the Reserve Bank of India (RBI) directed authorised dealer banks to cap their Net Open Position (NOP) in INR at $100 million in the onshore deliverable foreign exchange market, with compliance required by April 10, 2026. The move marks a significant regulatory shift from the earlier framework where banks could set NOP limits up to 25% of their capital, allowing exposures running into billions of dollars across onshore and offshore markets.
