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Indian firms’ NDF trading surges 7x

Mint Ahmedabad

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April 07, 2026

Indian companies’ activity in the non-deliverable forwards (NDF) market surged to over $7 billion on 30 March, around seven times the average, signalling a rush to capture arbitrage opportunities created by banks unwinding positions following regulatory curbs.

The unwinding followed the Reserve Bank of India’s imposition of restrictions on lenders’ net onshore open FX positions, prompting a rush to lower positions aimed at benefiting from gap

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