Mumbai, May 24 (KNN) Reserve Bank of India (RBI) plans to allow exporters and importers to rebook and cancel up to 50 per cent of their total hedged exposure from the present cap of 25 per cent, Executive Director of RBI G Padmanabhan said in a speech in Singapore today.

In July, RBI had allowed only exporters to cancel and rebook forward contracts up to 25 per cent of hedged exposure.

"We have decided in principle to relax a few things that we hope will cheer the market," Padmanabhan said in the annual conference of the Foreign Exchange Dealers' Association of India taking place in Singapore.

"These facilitations have nothing whatsoever to do with RBI's perception about the exchange rate," he added further. (KNN)