Reserve Bank bars rebooking of cancelled rupee foreign exchange derivative contracts

19 October 2026

The Reserve Bank of India announced regulatory measures for the foreign exchange market, saying they were in view of evolving conditions and to ensure the orderly functioning of the market. It issued two circulars, A.P. (DIR Series) Circular No. 25 and A.P. (DIR Series) Circular No. 26. Among the measures, Authorised Dealers shall not permit users to rebook any foreign exchange derivative contract involving the rupee, whether deliverable or non-deliverable, which has been cancelled with any Authorised Dealer after the issuance of the Directions. Rollover of foreign exchange derivative contracts on maturity continues to be permitted, subject to the extant regulatory provisions. The press release is dated October 10, 2026.