RBI caps primary dealers' daily borrowing

MUMBAI (Reuters) - The Reserve Bank of India capped the borrowing limit for an individual standalone primary dealer under the central bank's daily repo window at 100 percent of net owned funds from July 24.

The cap, part of a series of measures to drain liquidity and prop up a falling rupee, will also apply on reporting Fridays of the two-weekly cycle, when the RBI conducts two repo auctions, it said in a release on Tuesday.

(Reporting by Neha Dasgupta; Editing by John Stonestreet)