{
  "id": 14370650,
  "title": "RBI open to more steps to curb FX speculation",
  "url": "https://urgent.news/2026/10/14/rbi-open-to-more-steps-to-curb-fx-speculation",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-14T03:52:53.000Z",
  "source": {
    "name": "The Economic Times",
    "slug": "the-economic-times",
    "url": "https://economictimes.indiatimes.com/news/economy/indicators/rbi-open-to-more-steps-to-curb-fx-speculation-governor-sanjay-malhotra-says/articleshow/134931504.cms"
  },
  "original_language": "en",
  "account": "The Reserve Bank of India (RBI) has expressed openness to further actions to curb speculative trading in the foreign exchange (FX) market, according to Governor Sanjay Malhotra. In an interview on Tuesday, Malhotra emphasized the central bank's commitment to maintaining order in the FX market, stating that all necessary measures will be taken to ensure that the forex market serves genuine hedging needs rather than facilitating speculative bets.\n\nMalhotra clarified that the RBI's recent actions should not be perceived as capital control measures and that they are aimed at promoting the efficient functioning of forex markets. The rupee has shown some improvement in the offshore market on Wednesday, with dollar-rupee non-deliverable forwards easing by 0.1% to 95.36. The currency had outperformed its Asian counterparts the previous day, rising as much as 0.8% to 95.01 per dollar, following a 1% gain on Monday.\n\nThe RBI's recent curbs on certain types of derivative transactions have contributed to the rupee's performance, as they have been bolstered by additional measures taken over the weekend. These measures include a special window for oil firms to meet their dollar requirements and broader restrictions on derivative markets, all implemented in response to the rupee's decline toward record lows. The central bank has also been actively intervening in the currency market to defend the local unit, as reported by Bloomberg.\n\nMalhotra noted that in recent months, a significant proportion of trades in the FX market have been canceled and rebooked on the same day, with about one-third of trades being closed or canceled on the day they were entered into. Earlier this month, the Monetary Policy Committee (MPC) of the RBI increased its benchmark repurchase rate by 25 basis points to mitigate accelerating inflation and support a weakening rupee amid foreign fund outflows.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}