The Reserve Bank of India has directed authorised dealers to maintain their Net Open Position in Rupee (NOP-INR) within a limit of $100 million at the end of each business day.
The instruction, issued on 27 March 2026, applies to positions in the onshore deliverable foreign exchange market. Authorised dealers have been asked to comply with the requirement by 10 April 2026.
NOP-INR refers to the net exposure of banks to movements in the rupee. The measure places a restriction on the extent of open currency exposure that banks can maintain. By capping NOP-INR positions, the central bank aims to contain excessive build-up of open positions in the rupee, moderate risks arising from currency fluctuations, and support orderly conditions in the foreign exchange market.
The Reserve Bank of India may prescribe such limits under its Master Direction on Risk Management and Inter-Bank Dealings, depending on market conditions.
The Indian rupee breached the 94 mark against the US dollar for the first time, ending at a record low of 95.09 per Dollar on Friday (27 March 2026), versus its previous close of 94.2800 per Dollar on Wednesday.