Banks Urge RBI to Relax New Forex Rules Amid $30 Billion Unwinding Looming

• Indian lenders are pressing the RBI to ease stricter foreign-exchange transaction rules.
• The new rules could force the unwinding of at least $30 billion in bets, potentially straining the rupee.
• Banks sought to delay an April 10 deadline, arguing that unwinding at this scale would cause significant losses.
• The RBI's new directive limits open positions in the onshore currency market to $100 million daily.
• The rupee recently hit a new low, weakening past 94-per-dollar, and is Asia's worst performer this year.