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INR: RBI Asks Some Lenders to Cut Speculative Bets Against Rupee (RTRS)

INR
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  • “The Indian central bank, in a rare move, instructed some banks to cut 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.”
  • “While the RBI has previously stopped banks from adding long positions on the dollar-rupee, they have not asked them to cut positions in recent years.”
  • “Banks' reducing speculative shorts against the rupee could potentially induce dollar sales in the spot market, which would support the rupee, the bankers said.”
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  • “The Indian central bank, in a rare move, instructed some banks to cut 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.”
  • “While the RBI has previously stopped banks from adding long positions on the dollar-rupee, they have not asked them to cut positions in recent years.”
  • “Banks' reducing speculative shorts against the rupee could potentially induce dollar sales in the spot market, which would support the rupee, the bankers said.”