RBI eases rules on hedging of gold price risk in overseas markets
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Resident entities such as banks were permitted to hedge their exposure to the price risk of gold on the exchanges in the IFSC that are recognised by the International Financial Services Centres Authority (IFSCA), and the new directive provides them with further flexibility to hedge their exposures to the price risk of gold.
The new directive issued by the RBI comes into force with immediate effect.
The 'Master Direction – Foreign Exchange Management (Hedging of Commodity Price Risk and Freight Risk in Overseas Markets) Directions, 2022' has been updated accordingly, the central bank said.
The RBI also said the new order will be subject to the stipulations set out in the Master Direction, as amended from time to time. --IANS
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