RBI likely stepped in to support rupee, conducts swaps, say traders
The rupee was at 95.27, up modestly on the day after hitting an intra-day low of 95.5625 in early trading
 "RBI likely stepped in to support rupee, conducts swaps, say traders")
The Indian central bank likely stepped in to the foreign exchange market on Wednesday to support the rupee, three traders told Reuters, as maturing contracts in the non-deliverable forwards market exerted pressure on the currency.
The rupee was at 95.27, up modestly on the day after hitting an intra-day low of 95.5625 in early trading.
The Reserve Bank of India also likely paired its spot dollar sales with dollar-rupee buy/sell swaps for maturities over 1 year, the traders said.
Both the spot dollar sales and swaps were being carried out by state-run lenders, likely on behalf of the RBI, one of the traders added.
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