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of <h1>RBI amends Foreign Exchange Management Regulations allowing residents to enter foreign currency option contracts for hedging</h1> The Reserve Bank of India issued amendment regulations to the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000. The amendments allow Indian residents to enter foreign currency option contracts not involving rupee and foreign currency-rupee option contracts with authorized dealers to hedge exchange risk exposure. Foreign Institutional Investors, Non-Resident Indians, and persons with Foreign Direct Investment in India may also enter foreign currency-rupee option contracts under forward contract terms. The amendments became effective from July 2003 with retrospective application clarified to not adversely affect any person.
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