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The Reserve Bank of India set a premium of 8.38 rupees at a three-year buy-sell swap auction and accepted the full planned $5 billion. Bids totalled $18.65 billion, and the one-year forward premium rose to its highest level since October 2018.
The central bank is absorbing surplus dollars to limit rupee appreciation while supplying rupee liquidity to banks.
Heavy RBI dollar absorption tightens the rupee's forward pricing and signals a managed currency, which affects the cost of dollar-denominated feed and oilseed imports for Indian buyers.
livemint.comApr 23, 2019Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
