Governor Sanjay Malhotra says RBI measures temporary to calm rupee

Business Apr 08, 2026

The RBI stepped in last month to calm down wild swings in the rupee, putting temporary limits on how much banks can trade and banning some offshore deals.
Governor Sanjay Malhotra made it clear these moves were just to stop short-term speculation and aren't here to stay.

Rupee gains, banks lose ₹5,000cr

Thanks to these measures, the rupee has gained over 2% since March 27 and rose 0.5% to 92.54 per dollar on Wednesday.
But there's been a downside: hedging costs for businesses have gone up, and banks reportedly lost around ₹5,000 crore.
Still, Malhotra reassured everyone that the RBI remains committed to keeping Indian markets open and making the rupee more global (no major policy shift is happening).