The Reserve Bank of India on Thursday delayed the implementation of its consolidated directions for exchange-traded rupee derivatives by a month, a move that should ease the panic seen in the market this week.

The Indian rupee's exchange-traded options went into a tizzy on Wednesday and Thursday after brokers asked clients to submit proof of underlying exposure on their derivative contracts or unwind their existing positions, market participants said.

"In view of feedback received and recent developments, it has been decided that these directions will now come into effect from Friday, May 03, 2024," RBI said.

(Reporting by Swati Bhat; Editing by Janane Venkatraman )