Rupee weakens on RBI's rare dollar-rupee swap auction [Reuters]
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Source: Reuters
Rupee weakens on RBI's rare dollar-rupee swap auction | Reuters 2 Min Read MUMBAI (Reuters) - The Indian rupee weakened against the dollar on Thursday and the one-year forward premium fell after the central bank announced a swap auction analysts said was aimed at boosting liquidity at local banks and preventing a sharp rise in the exchange rate. The rupee weakened to 69.68 to the dollar, while the one-year dollar/rupee forward premium fell to 3.63 from 3.89. The 10-year benchmark bond yield was up two basis points to 7.57 percent as the move reduced expectations for bond purchases by the central bank, traders said. The Reserve Bank of India said on Wednesday it will conduct a dollar/rupee buy-sell swap auction of $5 billion for a tenure of three years on March 26, the first such market sale by the central bank to mop up dollars and pump in rupees. “There is always a first for something,” said A. Prasanna, head of fixed income research at ICICI Securities Primary Dealership. “This will
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