![]() That is good for the US but bad for the world The futures leg of the contract expires automatically at the RBI reference rate, but the OTC leg needs to closed by buying or selling dollars.The premium that traders were willing to pay to buy dollars at the Reserve Bank of India reference rate, rose to as much as 0.04 rupees, compared to almost par or 0.01 in recent weeks, a trader at a private sector bank said. USD/INR monthly futures expiry fuels demand for dollars -traders.The RBI's monetary policy committee raised the repo rate to 5.90%, its fourth hike in the current cycle, as India's annual inflation rate came above the central bank's target band for the eighth consecutive month in August, driven by surging food prices. Rupee ends volatile week on strong note after RBI raises rates.It lost more than half a percentage point to close at 82.33, the unit's lowest ever closing level, Bloomberg data compiled by ETIG showed. The rupee plunged to a new lifetime low of 82.43 a dollar Friday. ![]()
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