Oversea-Chinese Banking Corp. has scrapped recommendations that investors use derivatives to buy India’s rupee and South Korea’s won after the currencies slid in the spot market amid “heightened risk aversion”.

Singapore’s third-largest bank yesterday advised selling six-month non-deliverable rupee forwards that it recommended a week earlier, Emmanuel Ng, a strategist at OCBC, wrote in a research note to clients today.

It also suggested unwinding bets taken using currency options in March that the Korean currency would rise against the dollar, he wrote. Each trade incurred a 2.1% loss, according to the report.

“We await a more opportune time to reinstate a bullish rupee view,” Ng wrote. The rupee has slid 1.8% in Mumbai’s spot market since May 10 to 45.69 per US dollar, according to data compiled by Bloomberg. The won has declined 1.6% this quarter to 1,149.98.