RBI nudges banks to cut speculative bet in rupee

The Indian central bank, in a rare move, instructed some banks to cut their long positions on the dollar-rupee pair on Friday, seeking to curb speculative positions with the currency at a record low, four bankers familiar with the development told Reuters.

- Reuters

The Reserve Bank of India's financial market regulations department informally communicated the instructions to banks, they said. RBI did not immediately respond to email seeking comment.