RBI Requests Banks to Share Client Data on Forex Transactions and Positions

The Reserve Bank of India (RBI) has requested several banks to provide detailed information on foreign exchange transactions, including client details for deals exceeding $10 million and banks' open positions in spot, forward, and offshore non-deliverable forward (NDF) markets. This data collection aims to monitor speculative activities and large bets against the rupee amid global pressures. While some banks view this as a signal to reduce speculative positions, RBI has not issued direct instructions, emphasizing a controlled pace for any rupee depreciation.