India asks banks to refrain from large trade bets

The Indian rupee turned into the worst-performing Asian currency over the last month. — Reuters

MUMBAI: The Reserve Bank of India (RBI) has asked some large banks to not add to their existing positions against the rupee in a bid to support the currency that has fallen to all-time lows for three straight days, four bankers say.

Officials from the RBI’s financial markets regulation and operations department rang big banks on Tuesday, when the currency was at risk of breaching the 84 rupee per US dollar level in the spot market, the bankers, who declined to be identified since they are not authorised to speak to the media, said.