RBI relaxes cap on banks’ forex positions
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The Reserve Bank of India (RBI) has marginally relaxed the banks’ individual limits on net open positions in foreign exchange, which were cut sharply in December.
However, snapping four-session gaining spree, the rupee today lost 36 paise to close at 49.05/06 against the dollar due to fresh buying of the American currency by importers.
“We have told them (the Foreign Exchange Dealers’ Association of India), based on their (banks’) requirements , they can come. Some banks have come,” RBI Deputy Governor HR Khan on the sidelines of an event.
The sharp fall in the rupee against the dollar last year prompted the RBI to impose restrictions on speculative trading by reducing the net overnight open position limit of banks.
‘Fiscal consolidation needed for growth’
Mumbai: Making a strong case for promoting fiscal consolidation in the Budget, the Reserve Bank on Monday said that it was necessary to stimulate growth. “We can’t discount the importance of fiscal consolidation contributing to growth. It is not that growth first and then we get fiscal consolidation. They are interrelated,” RBI Deputy Governor Subir Gokarn said.
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