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RBI Step In to Slow INR Weakness

INDIA CENTRAL BANK
  • Bloomberg reports that the RBI are said to be intervening in both spot and futures FX markets Tuesday.
  • RBI intervention comes as USD/INR trades to a new alltime high today at 78.7538 - with the bank said to be rolling over FX futures contracts to the tune of $5.5bln set to expire today. Bloomberg cites a source as saying that the move is directly looking to keep the INR from weakening further.

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