Rupee opens at 92.57 as RBI enforces $100 million cap
The rupee opened a bit stronger at 92.57 against the US dollar on Friday, right as the Reserve Bank of India (RBI)'s deadline hit for banks to close out their arbitrage trades.
Even though several banks wanted more time, the RBI didn't budge: everyone had to keep their daily net rupee positions within $100 million.
RBI's Sanjay Malhotra calls restrictions temporary
Crude oil prices are climbing (Brent is close to $97 a barrel) thanks to uncertainty around U.S.-Iran peace talks expected to begin in Pakistan from April 10.
RBI Governor Sanjay Malhotra reassured everyone that these trading restrictions are just temporary and meant to calm recent currency swings caused by bank trades.
Experts say not to expect any big rupee crashes after today, but with global and local factors changing fast, it's still a tricky moment for the currency.