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.
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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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