Reserve Bank Of India Bars Banks From Holding O/N Forex Positions

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India's central bank, the Reserve Bank of India (RBI), appears to be sending out signals that it now plans to continue along the tough lines it undertook several weeks ago to stem the rupee's tumble amidst the ongoing Asian currency turmoil. RBI officials recently outlined plans for commercial banks to square positions daily, which sources say effectively buries plans for an Exchange Rate Monitoring Band.

On January 6, the RBI barred banks from maintaining open overnight positions in the

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