India, March 30 -- The Indian Rupee strengthened by 128 paise from its all-time low to trade at 93.57 against the US dollar in early Monday session.
The recovery comes after the Reserve Bank of India introduced measures to limit the net open positions that banks can hold overnight. As per the new directive issued on March 27, 2026, banks are required to cap their Net Open Position (NOP-INR) at USD 100 million, with compliance mandated by April 10.
Forex market participants noted that the rupee opened stronger as banks, which typically maintain long positions, may now reduce their exposure in the onshore currency markets in line with the RBI's guidelines.
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