Bank Nifty crashes 2.5% as RBI seeks to curb forex speculation; AU SFB, Kotak Mahindra Bank lead losses

Bank Nifty crashes 2.5% as RBI seeks to curb forex speculation; AU SFB, Kotak Mahindra Bank lead losses Bank Nifty declined more than 2 percent in Monday’s trade after the Reserve Bank of India (RBI) directed banks to cap their net open rupee positions in the foreign exchange market at $100 million by the end of each business day. The directive, issued late Friday, requires compliance by April 10. All 14 constituents of the Bank Nifty index were trading in the red. The index had gained more than 4 percent over the previous two sessions but reversed course on Monday, falling over 2 percent.

was the top laggard, declining 2.5 percent to Rs 860.2 per share on the National Stock Exchange (NSE). All this is for information This is not a buy/sell recommendation. Thank you, Technofunda24