Rupee Surges to 93.51 as RBI Imposes $100M Forex Cap; Banking Stocks Tumble on Expected ₹4,000 Cr Treasury Loss

The Indian rupee recovered 130 paise to hit 93.51/USD after the RBI capped bank Net Open Positions (NOP) at $100 million. This move forces lenders to unwind an estimated $30–$40 billion in speculative dollar bets, thus creating an immediate supply surge that boosted the local unit despite high oil prices.