The Reserve Bank of India (RBI) has tightened foreign exchange rules to protect the rupee from pressures from offshore markets, according to senior Axis Bank official Neeraj Gambhir. The rupee gained 2% last Thursday and traded 0.3% higher at 92.81 per dollar on Monday. Since opening the NDF market to local participants, the central bank has placed both informal and formal restrictions on accessibility. If the measures fail to achieve their desired outcomes, the bank may use direct measures to shore up dollar supply or reduce some demand. The bank's recent weak run against the dollar does not pose a financial stability risk.