USD/INR one-day swap rate soars on ICICI Prudential IPO; implied rupee rate hits 15%

Icici Prudential Life Insurance

16/12/2025 04:38

USD/INR one-day swap rate jumps on account of sell/buy swaps related to ICICI Prudential IPO, bankers say

USD/INR Tuesday over Wednesday (or cash/tomorrow) swap rate climbs to 2.70-2.90 paisa from 0.4-0.6 paisa in previous session

Implied rupee interest rate based on the swap at 15%, way higher than the rupee call rate of 5.5%

Foreign investors to raise INR funds for applying in IPO prefer swaps route rather than selling in spot

This is common now - cash/tomorrow rates climb on last day of large IPOs, trader says

Still, the jump today is quite sizeable by recent standards, he adds

For more click on FXBUZ

 (Reporting by Nimesh Vora)

 ((nimesh.vora@tr.com))