USD/INR monthly futures expiry fuels demand for dollars -traders

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 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.