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The Indian rupee forwards retreated after the Reserve Bank of India unveiled a $10 billion USD/INR buy-sell swap, expected to siphon off excess dollar liquidity and cool a sharp run-up in premia. The USD/INR January month-end forward premium eased to 41 paisa, down from a peak of 58 paisa hit on Tuesday. Similarly, the November month-end premium retreated to 240 paisa, pulling back from a peak of 278 paisa.

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