MUMBAI, May 10:In another move to stem the fall of the Rupee, which opened at a record low of 53,88 today, the Reserve Bank of India has decided to fix the intra-day open position/daylight limit of Authorised Dealers at five times the Net Overnight Open Position Limit available to them or the existing Intra-day open position limit as approved by the central Bank, whichever is higher, for positions involving Rupee as one of the currencies.
The directions were given in a circular issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act 1999 (42 of 1999) and are without prejudice to permissions/approvals, if any, required under any other lawm. The RBI said in a statement.(UNI)
Follow our WhatsApp channel