The Reserve Bank on Monday partially withdrew directives taken on April 1 to curb excessive speculation in rupee. Under the revised directives effective immediately, authorised dealers (ADs) can resume offering non-deliverable derivative contracts involving INR to resident or non-resident users, but have to contend with some restrictions on related party transactions. It has now been decided to withdraw the instructions issued (on) April 1, 2026. Further, on a review, it has been decided that authorised dealers shall not undertake any foreign exchange derivative contract involving Indian rupee with their related parties, except for the cancellation and rollover of existing contracts; and transactions undertaken with non-related non-resident users on a back-to-back basis in terms of the Master Direction - Risk Management and Inter-Bank Dealings dated July 05, 2016, as amended from time to time, the central bank said in a notification.