The Reserve Bank of India (RBI) has liberalised the norms for taking position in exchange-traded CURRENCYderivatives.
It raised the ceiling on domestic INVESTORS as well as foreign portfolio INVESTORS for rupee/dollar pair to $15 million from $10 million.RBI has also permitted domestic and foreign investors to take short and long positions in the pound/rupee, euro/rupee and yen/rupee pairs, with an overall ceiling of $ 5 million.

Source - http://www.business-standard.com