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RBI Looks to Have Boosted Forwards Intervention in Rupee Fight

  • It may have run down forward-book by $12-$15 billion: DBS
  • 1-year premiums crash below 3% for first time since 2011
Updated on

India’s central bank appears to have ramped up intervention in the forwards market to slow the rupee’s decline and preserve its hard-earned reserves. 

The Reserve Bank of India has run down its forward-dollar book by $12 billion to $15 billion from about $64 billion at the end of April, according to estimates by DBS Bank Ltd. Standard Chartered Plc. said the authority has significantly intervened through forwards.