The regulator clarified to the Commodity Participants Association of India in a March 28 email that anyone undertaking such contracts involving the rupee without an underlying exposure would be in violation of foreign exchange rules, according to people familiar with the matter. They asked not to be identified as the email isn't public.
The CPAI had written to the Reserve Bank of India seeking clarification on its January 5 circular that said stock exchanges may offer contracts for the "purpose of hedging contracted exposure".
The circular stated that positions up to $100 million are allowed without having to establish underlying exposure across all currency pairs involving the rupee and combined across all stock exchanges.
Diese Geschichte stammt aus der March 31, 2024-Ausgabe von Financial Express Mumbai.
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