Shanghai Gold Exchange gold T+D closed up 0.73% at 954.09 yuan/gram in Wednesday late trade; silver T+D rose 2.59% to 16,520.0 yuan/kg.

上海黄金交易所黄金T+D 9月9日（周三）收盘下跌0.3%报951.3元/克； 上海黄金交易所白银T+D 9月9日（周三）收盘上涨0.25%报16234.0元/千克。

Reserve Bank of India has executed short-term FX sell-buy swaps to withdraw excess rupee liquidity, selling dollars to banks and buying rupees with agreed future repurchase dates; some contracts mature in October. The operations reduce rupee liquidity while leaving the RBI with a forward dollar obligation. Three-month onshore USD/INR forward yields rose 17bp to 2.97%, six-month yields rose 11bp. Banking-system surplus liquidity has jumped to about 11 tln rupees (~$115bn) after the RBI’s recent capital-raising plan, depressing banks’ funding costs and which could exacerbate inflation risk. Bond and FX traders are monitoring after the RBI stepped up temporary liquidity-draining operations.