The forward premium of the onshore dollar against the rupee fell on Friday after the Bank of India explained the scope of application of recent restrictions on the foreign exchange market. The three-month USD/rupee forward yield fell by up to 44 basis points to 6.10%; the six-month forward yield fell by up to 32 basis points to 5.23% Note: The Bank of India said on Thursday evening that the recently introduced derivatives restrictions only apply to foreign exchange risk hedging transactions, and the market making business is not within the limits.

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