The Reserve Bank of India relaxed a rule on bank’s purchases of foreign sovereign bonds, paving the way for lenders to resume a profitable currency trade, according to people with knowledge of the matter.
In a notice sent to some banks on Monday, the RBI said foreign sovereign bonds wouldn’t fall under a regulatory cap that requires holdings of securities unlisted in India to be 10% or less of the total non-statutory liquidity ratio portfolio, the people said, asking not to be identified as they aren’t authorized to speak to media. The RBI’s latest decision comes after banks made a representation seeking relaxation, the people said.
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August 17, 2021 at 02:44PM
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Global Banks May Resume Profitable FX Trade as India Relents - Bloomberg
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