Getty ImagesIndia’s central bank likely sold dollars and ran buy-sell swaps on Wednesday, three traders said, aiding the rupee‘s recovery from the session’s lows.
The rupee recovered to 94.6450 from the day’s low of 94.9150.
Alongside the spot intervention, the central bank conducted buy-sell FX swaps, pushing forward premiums lower. The 1-year forward premiums slid by 10 basis points.
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