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MARKET EYE-USD/INR near-month fwd premiums spike; cash tightening, oil swaps
March 7, 2014 / 8:38 AM / 4 years ago

MARKET EYE-USD/INR near-month fwd premiums spike; cash tightening, oil swaps

* USD/INR near month forwards spike sharply as dealers cite
heavy paying interest ahead of tax outflows.
* Dealers also citing heaving paying by large state-run bank
likely related to oil swap payments.
* Cash expected to tighten next week on excise, service tax and
advance tax outflows.
* 1-month forward premium at 53 points vs 51 points
last close. It rose to 54 points, last seen early October, as
per Reuters data.
* 2-month forward premium at September-levels, at 105
points vs 103.25 points last close.

 (subhadip.sircar@thomsonreuters.com/;
subhadip.sircar.thomsonreuters.com@reuters.net)

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