Induced current in coaxial circular loops

two coaxial circular loops carrying currents in the same direction are approaching towards each other what will happen to the induced current in the loop

The two loops will have a magnetic field in the same direction, roughly along the axis. When the loops are pushed toward each other the magnetic field of each loop adds to the magnetic field of the other loop. So during this process the magnetic flux thru each loop is increasing.
From Lenz' law the induced current must be in such a direction as to oppose the increasing flux. This will require the induced current(s) to be opposite the original current(s). The net effect is that pushing the loops toward each other will reduce the total current in each loop.

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