Just days after it clamped down on banks’ local currency limits, the Reserve Bank of India (RBI) on Wednesday stepped up efforts to curb speculation against the battered rupee, restricting lenders from offering certain offshore foreign exchange derivative contracts. The central bank barred authorised dealers (banks) from offering non-deliverable forward (NDF) contracts in the rupee to both resident and non-resident clients. In effect, corporates and treasury desks can no longer take NDF positions.