People familiar with the matter revealed that the Bank of India launched a sales and purchase swap operation in the foreign exchange market on Thursday to restore market liquidity. People familiar with the matter said that the Reserve Bank of India implements short-term sales and purchase swaps in the secondary market. The expiration period includes December, and there are also forward term varieties such as December 2027. The three-month onshore USD/rupee forward yield rose 24 basis points to 3.51%. A Bank of India spokesperson did not respond to emails seeking comment.

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