RBI orders lenders to cut speculative bets against 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 reduce speculative positions with the currency at a record low, four bankers directly familiar with the development told Reuters.

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