周三，美元兑印度卢比的远期溢价显著上涨。此前印度央行在政策会议上并未宣布任何新的流动性回收措施，这使得交易员们预计央行将实施更多卖出/买入外汇掉期操作。
The dollar-rupee forward premiums soared on Wednesday, with traders bracing for more sell/buy FX swaps by the Reserve Bank of India after the central bank announced no new liquidity-withdrawal measures at its policy meeting. The implied 1-year dollar/rupee forward premium climbed 20 basis points to 3.66%, its highest in six months.
一年期美元兑卢比远期溢价上升了20个基点，达到3.66%，创下六个月来的新高。
The 1-year had already jumped 14 bps on Tuesday amid likely sell/buy swaps by RBI.
此前在周二，由于市场预期印度央行会进行此类操作，该溢价已上涨了14个基点。
The sell/buy swaps have been part of RBI liquidity-management operations, making them a key instrument for draining the rupee liquidity created by its dollar mobilisation schemes.RBI chief Sanjay Malhotra had last month pointed to FX swaps among the tools available to manage surplus liquidity.
卖出/买入外汇掉期是印度央行流动性管理的重要手段，有助于回收因美元购入计划而产生的卢比流动性。
In Wednesday's policy, Malhotra said the RBI would use an appropriate mix of liquidity management tools.
上个月，印度央行行长桑杰·马尔霍特拉曾指出外汇掉期是管理过剩流动性的工具之一；在本次政策会议上，他也表示央行将综合运用各类流动性管理工具。
The central bank did not announce a CRR hike or other fresh liquidity-absorption measure.
由于央行并未宣布提高法定准备金率或其他新的流动性回收措施，外汇交易员们更加确信央行会继续借助外汇掉期来应对流动性过剩问题。
That has reinforced expectations among currency traders that the RBI will continue using sell/buy swaps to manage the liquidity overhang.
一家私营银行的货币交易员称，在得知政策中并无新的流动性管理措施后，市场便开始为更多外汇掉期操作做准备。
The moment that the policy had no new liquidity measure in the policy, traders started positioning for more sell/buy swaps, a currency trader at a private sector bank said.
银行业人士指出，美元兑卢比即期汇率的上涨也进一步推高了远期溢价水平。
Forward premium up move is being amplified by the rise in USD/INR spot, bankers said.
目前美元兑卢比即期汇率上涨0.28%，报96.70，距离96.96的历史最高点仅一步之遥。
Spot USD/INR up 0.28% at 96.70, within striking distance of its all-time high of 96.96