India has moved to curb speculative bets against the rupee, taking one of its most forceful steps in over a decade as the cost of defending the currency rises.
Late Friday, the Reserve Bank of India announced new rules capping the open positions banks can hold in the onshore currency market at $100 million at the end of each trading day. The change, effective April 10, forces lenders to shrink their books, limiting their ability to run large one-sided bets against the rupee.
The urgency reflects deep concern about the rupee, which has slid to successive record lows following the Iran war. That is pushing the RBI to shift away from relying mainly on spot and forward market interventions — tools that have already contributed to a more than $30 billion drawdown in foreign-exchange reserves in the first three weeks of March, according to people familiar with the matter, to more direct measures targeting financial institutions.
“The move signals clear discomfort with rupee weakness and reflects a shift from direct intervention to controlling market positioning, offering near-term stability but limited influence on longer-term fundamentals,” said Kunal Sodhani, head of treasury at Shinhan Bank in Mumbai.
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Lenders are seeking to delay the deadline to comply, warning that such a rapid unwind may trigger large losses, and urging that the rule apply only to new bets, people familiar with the matter told Bloomberg News.
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Pressure on the rupee has mounted since the Iran war broke out a month ago. The currency has fallen more than 4% over that period to 94.82 as of Friday, and is Asia’s worst performer this year. Uncertainty over the duration of the conflict has prompted global funds to pull more than $11 billion from Indian equities, while index-eligible bonds have seen record outflows of $1.6 billion in March. Part of the challenge for policymakers is where that pressure is coming from. While the rupee trades in Mumbai, price signals are increasingly determined overseas in hubs like Singapore, London and New York, through derivatives that let investors take positions without access to domestic markets.That makes traditional intervention less effective. Large positions can build outside India’s regulatory reach and feed back to domestic markets via arbitrage, forcing the RBI to respond by selling dollars, draining reserves while doing little to curb the underlying build-up.
By capping how much risk banks can carry, authorities are trying to make it harder for those positions to accumulate in the first place — echoing steps taken in 2011, when the RBI tightened banks’ net open position limits.
“This is a period of extreme stress for the rupee because of an unprecedented energy shock,” said R. Gurumurthy, a former RBI regional director who previously oversaw dollar-rupee interventions. “If you look at past instances where the rupee has faced such rapid depreciation in such a short time, the RBI has always stepped in with exceptional steps.”
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The growth in offshore trading has long unsettled the RBI. When London overtook Mumbai as the top center for rupee trading in 2019, officials warned that offshore rupee trading was being driven by “speculators and arbitrageurs.”
Most of this activity is in non-deliverable forwards — contracts commonly used in emerging markets, especially for currencies that are not freely traded — allowing investors to hedge or bet on future values without physically exchanging the rupee.
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The market’s rapid expansion has coincided with a persistent slide in the rupee, even as India remains one of the fastest-growing major economies, expanding at more than 7% annually in recent years. Capital markets have also grown, drawing about $16 billion from foreign investors into Indian bonds since their inclusion in JPMorgan Chase & Co.’s flagship index in June 2024.
Yet the rupee has weakened more than 25% since 2019, underscoring the disconnect between strong domestic fundamentals and currency performance.
The offshore market “exhibits exaggerated movements,” said G. Mahalingam, a former RBI executive director who was part of a 2019 task force set up to examine overseas rupee trading. “It takes the lead and the domestic market follows.”
Root Problems
Intervention alone has struggled to close that gap. The RBI was a net seller of $51.7 billion of dollars last year, the most on record, and has continued to step in during bouts of volatility, including at the onset of the Iran conflict.
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The impact has been limited, highlighting the constraints of direct intervention when it runs up against broader macro forces like a strong dollar and shifting global risk sentiment. Other emerging-market currencies like the Philippine peso and South Korean won have also tumbled after the Middle East conflict broke out.
“Trying to stem currency depreciation by putting the squeeze on offshore markets rarely has the intended effect of staving off speculative pressures,” said Eswar Shanker Prasad, senior professor of trade policy at Cornell University. “The root problems underlying a currency’s falling value need to be addressed.”
With intervention proving costly, the central bank has widened its approach. Besides the limits on open positions, it has also proposed stricter reporting rules requiring overseas affiliates of lenders to disclose rupee-linked trades to a clearing house supervised by the RBI, in a bid to better understand who is driving offshore activity and why.
The plan has met resistance. Global banks said it could breach client confidentiality, conflict with data and reporting rules in other jurisdictions and require major changes to their systems, data formats and legal agreements.
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“Some banks may need time to set up their reporting mechanisms, which could result in a temporary, limited decline in liquidity,” said Rajeev De Mello, global macro portfolio manager at Gama Asset Management.
Foreign companies in Singapore can choose between a subsidiary, which is a separate legal entity, or a branch, legally part of the parent, affecting liability, governance, and operational independence.
Entry Options for Foreign Companies in Singapore
Foreign companies planning to operate in Singapore must decide between establishing a locally incorporated subsidiary or registering a branch office. A subsidiary functions as a separate legal entity under the Singapore Companies Act, owning its assets, signing contracts, and maintaining financial records independently. This structure provides greater autonomy while still being owned by the foreign parent company.
Legal Differences Between a Subsidiary and a Branch
A branch office is not a separate legal entity; it is an extension of the foreign parent company registered with Singapore’s authorities. Since it is legally part of the parent, liabilities incurred in Singapore can directly affect the parent company. This removes the legal separation that a subsidiary offers, which can impact risk exposure and liability management.
Governance and Regulatory Requirements
The choice of structure also influences governance obligations. A subsidiary must appoint at least one resident director, maintain a company secretary, and fulfill annual filing requirements with the Accounting and Corporate Regulatory Authority (ACRA). Conversely, a branch office faces different compliance obligations, reflecting its integrated status with the parent company.
Meta is reportedly working on new models of the Ray-Ban Meta AI smart glasses, including an option to fit them with prescription lenses for those who need them.
Meta: AI Smart Glasses Gets Prescription Lenses Option
According to a report from Bloomberg, Meta has designed and developed new Ray-Ban Meta AI smart glasses with the option to fit prescription lenses. It was also revealed that these will be sold through traditional optical shops that offer prescription eyewear.
The report mentioned that Meta already gave users the option to add prescription lenses with its Meta Ray-Ban AI smart glasses in its previous iteration, but this is the first time the company is focusing on marketing it for this specific target market.
It was not revealed in the report how these smart glasses will differ from the existing prescription lenses option available from Meta, but the option coming to traditional eyewear channels would be a new thing from the company.
When Will Meta Release These New Smart Glasses?
According to Bloomberg’s report, Meta will announce the new AI smart glasses sometime this week or in the next, noting that the device would not be the “next generation” releases from the company.
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Engadget said that the next-gen releases are two new models that may be the wearables codenamed “Scriber” and “Blazer,” whose filings were previously spotted by The Verge. These codenames were seen in filings submitted to the Federal Communications Commission (FCC), where it was also revealed that the devices are production units.
The speculation claims that an actual product launch of the new Meta Ray-Ban AI glasses models may be right around the corner, but it remains unconfirmed when exactly these will be available.
Accountancy body ACCA Wales is calling on the next Welsh Government to reform business rates and create a world class skills and career system. Ahead of the Senedd Election in May ACCA (Association of Chartered Certified Accountants) Wales says political parties should commit to four priorities that will underpin Wales’ future prosperity.
The global professional accountancy body, has 6,400 members and students in Wales working in all sectors of the economy.
It says the next Cardiff Bay administration should:
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Build a world-class skills and careers system by expanding higher-level apprenticeships, accelerating short-course provision and embedding employer voice across regional and national skills planning, particularly for in demand competencies like digital and green skills
Create the conditions for sustainable business growth through investment in infrastructure and connectivity, business support and stronger engagement between government and key sectors
Strengthen public finance, productivity and tax certainty with greater funding certainty through multi-year budgets, a simpler tax environment and reform of the business rates system.
Enable a practical and just transition to net zero by providing targeted support for small businesses and strengthening climate reporting across public bodies.
On business rate reform it said there needs to rebalance of rates across all businesses, and not penalising firms who invest in their premises.
The prospectus also exemplifies how finance professionals can support these asks and work with policymakers to drive change within businesses and organisations of all sizes.
Lloyd Powell, head of ACCA Cymru/Wales, said: “Accountancy is a cornerstone profession of society; it is vital to help economies, organisations and individuals grow and prosper. In Wales, finance professionals sit at the heart of the economy, public services and transition to net zero. They enable growth, stability and innovation across every sector.
“We stand ready to work in partnership with the Senedd and Welsh Government to deliver the ambitions set out in our prospectus, ensuring Wales has the skills, institutions, and financial leadership required to thrive. Our calls are clear. This is not about party politics, but about practical actions that can support businesses, public finances and long-term prosperity.”
Franchise business launched by personal trainer James Calderbank wants to reach 100 sites
Fitness brand Transform Hub is planning to roll out another 11 locations across the UK this year(Image: Transform Hub)
A North West fitness brand that targets over 35s who want to get healthy is planning to roll out another 11 locations across the UK this year.
Transform Hub focuses on group-based personal training classes. It was founded in Preston by personal trainer James Calderbank and is now headquartered in Knutsford, Cheshire.
The franchise business already has 27 gyms across the UK but is now planning to roll out new venues in Worcester, Cheltenham, Southampton, Altrincham, Hull, Cambridge, Northampton, Nottingham South, Winchester and Gosforth. It aims to reach 100 gym sites by 2028.
Meanwhile, the franchise has secured IP trademarks in the US and Europe as bosses plan for gradual expansion overseas.
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In 2023, Transform Hub secured £1m in backing from investors Andy Bell and Fergus Lyon. The business says that last year its gym memberships rose 28.4%, from 2,878 to 3,695 active members, helping revenues rise 61% to £1.7m. It says around 80% of its members are aged 30-60.
Founder and CEO of Transform Hub, James Calederbank said: “When I first created Transform Hub, I saw a huge gap in the market for people to access personal training in a different way. Online coaching delivers incredible accountability and lifestyle change, while in-person training creates energy, community, and real momentum. But most people were forced to choose one or the other. Transform Hub connects the two.”
He added: “What’s also exciting is the opportunity this creates for franchise partners: people looking to open gyms under the Transform Hub name.”
Woodside Energy says it remains committed to capturing and storing emissions from its proposed Browse gas project, despite withdrawing a plan from the regulatory process.
Bluesky is the latest social media platform to introduce its very own AI chatbot, with Attie being formally introduced to the world as the technology is set to deliver custom feeds to users with simple prompts.
Attie can understand natural language and help users create a feed that they want without the hassle of learning how to code.
Bluesky Introduces New Agentic AI Social App, Attie
Bluesky’s former CEO and now Chief Innovation Officer, Jay Graber, recently shared a new development from the company called “Attie,” the company’s latest take on a generative artificial intelligence platform, but it is not exactly a chatbot.
Instead of talking to Attie to learn about various topics, create write-ups, and more, the new agentic AI will help users create their own feeds on Bluesky.
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The new agentic AI was built using Anthropic’s Claude chatbot, and the app was built on the same underlying protocol that Bluesky is using, the open-source framework AT Protocol.
According to Graber, users need not be intimidated to create their custom feeds on Bluesky with the help of Attie as the experience will only feel like users are “having a conversation rather than configuring software.”
Attie: Create Custom Feeds Using Natural Language
As mentioned earlier, users may create custom feeds using Attie. The company’s development of this new agentic AI centers on using natural language that will allow users to freely talk to the chatbot like in a normal setting with friends, but it can get complex work done, like coding, to create a feed based on their preferences.
It has been almost three years since Bluesky first arrived in the tech industry, with the platform then popularizing the use of custom algorithmic feeds on the social media experience.
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Users only need to describe the content they want to see on their feed to Attie to get started. For example, they only need to tell the agentic AI to “build a feed that gives me updates on new and upcoming console game releases from accounts that I follow.”
The agentic AI will act as a coding agent to create the feed without users actually writing code.
Premier Roger Cook has welcomed the federal government’s decision to half fuel excise, saving motorists about 26 cents a litre in petrol and diesel at the bowser.
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