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Cut speculative bets against rupee: RBI to lenders

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....

Reuters

Mumbai, Updated At : 04:12 AM Nov 23, 2024 IST

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.

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