几位银行家表示，在印度央行最新的外汇限制措施震动市场、耗尽流动性并使交易员难以管理敞口之后，印度卢比远期溢价于周四升至多年高位。
Indian rupee forward premiums rose to multi-year highs on Thursday after the central bank's latest foreign exchange curbs rattled markets, sapping liquidity and making it difficult for traders to manage exposures, several bankers said.
这场动荡给印度货币市场的一个关键板块造成了压力，企业在此进行汇率风险对冲，银行在此管理资产负债表敞口。
The turmoil has strained a key segment of India's currency market, where companies hedge exchange-rate risks and banks manage balance-sheet exposures.
本周一年期隐含对冲成本已跃升逾90个基点至4.6%，创下自2022年1月以来的最高水平，远高于印度与美国利率差所隐含的约2%的水平。
The one-year implied hedging cost has jumped more than 90 basis points this week to 4.6%, its highest since January 2022 and well above the roughly 2% implied by the India-U.S. interest-rate differential.
银行家们表示，尽管供求失衡和对卢比的预期可能会将对冲成本推离公允价值，但这种分化的规模表明市场出现了严重错位。由于未获授权接受媒体采访，这些银行家要求匿名。印度储备银行没有立即回复就此置评的电子邮件。
While supply-demand imbalances and rupee expectations can push hedging costs away from fair value, the scale of the divergence points to severe market dislocation, the bankers said, speaking on the condition of anonymity since they are not authorized to speak to the media. The Reserve Bank of India did not immediately respond to an email seeking comment.
孟买一家银行的高级交易员指出，一年期远期溢价的买卖价差显着扩大，并表示：“没有人能够正确报出掉期价格。”
"Nobody is quoting swaps properly," a senior trader at a Mumbai bank said, pointing to how the bid-ask spread on a the 1-year forward premium had widened significantly.
较短期限的波动更为剧烈，三个月隐含对冲成本达到7.2%，而理论值则为1.5%。
The moves were sharper in shorter tenors, with the three-month implied hedging cost at 7.2%, against a theoretical 1.5%.
这种压力蔓延到了隔夜掉期，这是银行用来管理日常卢比和美元资金的工具。一天期掉期成本升至约2派士，为通常水平的四倍多，部分原因是印度储备银行的卖出/买入掉期操作所驱动。
The strain extended to overnight swaps, used by banks to manage daily rupee and dollar funding. One-day swap costs rose to around 2 paise, more than four times usual levels, partly driven by the RBI's sell/buy swaps.
这种混乱扩大了在岸卢比汇率与无本金交割远期（NDF）卢比汇率之间的价差。
The disruption widened the spread between onshore and the non-deliverable forward rupee rates.
无本金交割远期点数通常与在岸汇率平价交易或微幅溢价，但本周在岸溢价的飙升，加上央行在无本金交割远期市场的干预，已将其推至贴水状态。
NDF points usually trade at par with or at a modest premium to onshore rates, but a surge in onshore premiums this week, alongside central bank intervention in the NDF market, has pushed them to a discount.
一个月期可交割美元/卢比远期溢价最新报价约为60派士，而离岸报价为50派士。
The one-month deliverable dollar/rupee forward premium was last quoted at around 60 paise, compared with 50 paise offshore.
一家新加坡银行的交易员表示：“在无本金交割远期市场，干预使点数保持在较低水平，而在岸市场则无人阻拦，因此水平完全失控了。”
"In NDF, intervention is keeping the points lower, while onshore there is just no one to stop it, so levels are completely out of whack," a trader at a Singapore-based bank said.
远期市场的混乱与现货交易的相对稳定形成了鲜明对比，在现货交易中，印度储备银行的美元抛售帮助将卢比维持在兑1美元约95卢比的水平附近。
The dislocation in the forward market contrasts with relative stability in spot trading, where RBI dollar sales have helped keep the rupee around the 95-per-dollar mark.
自本周初印度储备银行公布支持该货币的措施以来，卢比远期市场一直承受着压力，这些措施包括对企业对冲经常账户交易以及银行管理资产和负债敞口进行的美元远期购买实施现金保证金要求。
The rupee forward market has been under strain since the start of the week, when the RBI unveiled measures to support the currency, including cash margin requirements on forward dollar purchases by companies hedging current-account transactions and by banks managing their asset and liability exposures.
银行家们表示，随着银行争相平仓那些押注卢比远期溢价下跌的交易，远期市场的混乱加剧了。
Disruptions in the forward market have intensified on banks rushing to unwind trades that had wagered on rupee forward premiums falling, bankers said.
一位交易员表示，然而，由于几乎没有交易对手愿意接盘这些交易，银行发现很难退场。由此产生的失衡正在推高溢价飙升，迫使交易员斩仓亏损头寸。
However, with few counterparties willing to take the other side of those trades, banks are finding it difficult to exit, one trader said, The resulting imbalance is fuelling the surge in premiums, forcing traders to cut loss-making positions.
银行家们表示，远期溢价的失控上涨可能会进一步提高持有美元负债的企业的对冲成本，同时放大持有收取头寸的交易员的按市值计价亏损，并促使进一步的头寸削减。
An unchecked rise in forward premiums could further raise hedging costs for companies with dollar liabilities, while amplifying mark-to-market losses for traders holding received positions and prompting further position-cutting, the bankers said.