India’s Government Backs RBI’s Crackdown on Currency Speculation

India’s government supports the central bank’s aggressive steps to crack down on currency speculation, people familiar with the matter said, suggesting authorities will stick to their approach despite lobbying by lenders to ease the restrictions.

The Ministry of Finance and the Reserve Bank of India are aligned on the strategy on the rupee, the people said, asking not to be identified because the discussions are private. Authorities aren’t targeting a specific level for the currency, one of the people said.