India's FX forward premium continued to rise on Thursday after the Reserve Bank
of India's policy move. The one-year implied rate is up 64bps week-to-date;
Following a 36bp jump on Wednesday tied to the RBI rate hike, it gained a
further 11bps on Thursday to 3.94%. Markets expect the RBI may conduct
additional sell/buy swap operations, and elevated overnight swap costs are
adding upward pressure.