RBI rules on offshore trades to tighten oversight

The RBI has actively intervened in non-deliverable forward markets, with traders often citing its presence before domestic markets open. — Bloomberg

MUMBAI: Indian central bank’s proposal requiring banks to report their offshore rupee transactions would further tighten the authority’s grip on the currency market, analysts say.

Late Monday, the Reserve Bank of India (RBI), released draft rules, which proposed that lenders disclose foreign-exchange (FX) transactions involving the rupee conducted by their related parties globally.