Mumbai, Oct. 12 -- Banks have approached the Reserve Bank of India (RBI) seeking clarity on the operational aspects of its latest measures to curb speculative activity and support the rupee, which has been under pressure, three market participants aware of the development said.

The measures, announced over the weekend, have raised questions about maintaining the Foreign Exchange Risk Reserve (FERR), recovering the associated costs from customers and calculating the notional value of transactions involving multiple options strategies. Banks have approached the RBI through Foreign Exchange Dealers' Association of India (FEDAI) and are awaiting further guidance, potentially through frequently asked questions (FAQs), to resolve these issues,...