Indian Rupee Weakens Slightly as Asian Peers Fall, Forward Premiums Rise
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The Indian rupee weakened slightly on Wednesday, pressured by a fall in Asian peers. The USD/INR exchange rate was at 83.3225, compared to its previous close at 83.28. The dollar-rupee overnight swap rate rose to 0.26 paisa after trading close to or below 0.10/0.12 paisa levels since March 19. The improvement in the overnight swap rate also lifted near and far forward premiums, with the one-year implied premium up 5 basis points at 1.61%. The rupee is expected to see sideways price action between 83.20 and 83.40, with the Reserve Bank of India expected to defend the currency from hitting all-time lows .
Despite the slight weakening, the Indian rupee has shown signs of recovery. It appreciated 29 paise to 83.32 against the US dollar in early trade on Tuesday. India's forex reserves also in...
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