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Listen to this article in summarized format The Indian currency ended at 95.28 per dollar, up 0.52% from Monday's close of 95.78 agains the the greenback. Read more: Strong buzz! Reliance Jio said to see over $20 billion bids as investors line up for India's biggest IPO The latest directive follows other measures, aimed at deterring speculative trading, announced over the weekend. Monday's directive got banks busy with fresh cost calculations on their respective balance sheet commitments, including an assessment of how much they will now have to keep aside for unhedged foreign currency deposits and ongoing external commercial borrowings amid a clear regulatory signal against over-hedging. "Banks have garnered $133 billion via FCNR(B) deposits, and assuming a 6.5% interest for five years, the coupon outgo could be $40 billion, which is not covered by the RBI facility," said a foreign exchange dealer. "Not all of this interest payment would have been hedged by banks so far, which means that for all the remaining exposure, banks will have to maintain the high FERR." Read more: Sebi extends IPO-size flexibility on the back of soaring primary market activity Over the weekend, the central bank had announced a raft of other measures that included restricting the rebooking of cancelled contracts and imposed a 20% cash reserve requirement on forex derivative contracts above $2 million. Anshul Chandak, head of treasury, RBL Bank, said regulatory measures to remove all speculative dollar purchases should stabilise the rupee and prevent a sharp depreciation in the currency. (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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