Mumbai: The Rupee opened about 119 paise stronger on Monday, one of its strongest opening levels in recent times, due to an RBI directive which forced banks authorised to deal in foreign exchange to unwind long dollar positions in the domestic forex market.
The Indian currency opened at 93.62 per US dollar against the previous close of 94.8125 per US dollar, which was a record low.
In intraday trades so far, the rupee hit a high/ low of 93.57/93.98 per USD. It is currently trading at 93.88.
RBI’s directive
The direction, which was issued after market hours on March 27, asks authorised dealers to ensure that their Net Open Position – Indian Rupee (NOP-INR) in the onshore deliverable market should be maintained within US$ 100 million at the end of each business day.
This comes in the wake of the rupee weakening about 4 per cent since the West Asia war began on February 28, 2026. It could reduce large bets against the Indian currency and prevent sharp movements. The last time the central bank issued such a directive was about 15 years back.
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