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India cbank intervenes in spot, forwards mkt-traders
November 20, 2014 / 5:22 AM / 3 years ago

India cbank intervenes in spot, forwards mkt-traders

MUMBAI, Nov 20 (Reuters) - The Indian rupee recovered after hitting a 9-month low on Thursday, on the back of mild dollar selling by state-run banks, likely on behalf of the Reserve Bank of India in the spot market, four traders said.

At 10:40 a.m. (0510 GMT), the partially convertible rupee was trading at 62.14/15 per dollar, after hitting 62.22, its lowest level since Feb. 20. It had closed Wednesday at 61.96/97.

The central bank was however seen heavily intervening in the forwards market via state-run banks, all the traders added.

The RBI was seen doing sell/buy swaps in the forwards market, likely due to some rollover of positions, the traders said. However, the swap was a forward only swap, making the transaction spot neutral. (Reporting by Neha Dasgupta and Swati Bhat; Editing by Sunil Nair)

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