Cut speculative bets against rupee: RBI to lenders – The Tribune-OxBig News Network

RBI in a rare move, instructed some banks to cut their long positions on the dollar-rupee pair on Friday, seeking to reduce speculative positions with the currency at a record low, four bankers directly familiar with the development told Reuters. RBI’s financial market regulations department informally communicated the instructions to banks, the bankers said. The rupee weakened to a record low of 84.5075 per U.S. dollar earlier in the day, pressured by portfolio outflows.