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
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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 | Image: Bloomberg
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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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Jun 10 2026 | 11:43 AM IST