The Reserve Bank of India issued a foreign exchange risk management direction requiring authorised dealers to keep their net open position involving the rupee (NOP-INR) in the onshore deliverable market within USD 100 million at the end of each business day. The limit is set under the Reserve Bank’s Master Direction on Risk Management and Inter-Bank Dealings, which allows the Reserve Bank to prescribe NOP-INR limits for exchange rate management depending on market conditions. Authorised dealers must comply at the earliest and no later than April 10, 2026, with the direction issued under sections 10(4), 11(1) and 11(2) of the Foreign Exchange Management Act, 1999.
Reserve Bank of India 2026-03-27
Reserve Bank of India caps authorised dealers’ onshore NOP-INR positions at USD 100 million end of day
The Reserve Bank of India has directed authorised dealers to cap their net open position involving the rupee (NOP-INR) in the onshore deliverable market at USD 100 million at the end of each business day. The limit is prescribed under the Master Direction on Risk Management and Inter-Bank Dealings for exchange rate management and is issued under sections 10(4), 11(1) and 11(2) of the Foreign Exchange Management Act, 1999.