State Bank Interventions Steady Rupee and Cool Premiums
The Indian rupee steadied as state-run banks used FX swaps to cool forward premiums. The moves helped the currency recover from record lows hit this week.
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The currency of India is on track for a weekly decline as escalating geopolitical tensions in the Middle East drive market volatility. The rupee was trading at 91.65 per dollar on Friday, down from the previous session's close of 91.60. Although the currency hit a record low of 92.3025 on Wednesday, it was supported by aggressive central bank intervention and the active presence of state-run lenders in the local foreign exchange market.
