The Indian rupee rollercoaster ride continues.
Late Wednesday, the Reserve Bank of India said it will enter into USD-INR swaps with state-owned oil-marketing companies.
“The RBI will meet the entire daily dollar requirement of three public sector oil-marketing companies through a sell/buy USD-INR swap for a fixed tenor, thereby removing the largest source of dollar demand from the market,” noted Morgan Stanley’s Hans Redeker.
Here’s the intraday chart via Bloomberg.com.
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