INR: FX swaps for OMCs? – Nomura

Analysts at Nomura suggest that if the FX swaps for oil companies will be implemented, then it would have only a short-lived positive impact on USD/INR.

Key Quotes

“Indeed, it would represent a step-up in official actions against INR depreciation, but alone is likely insufficient to address concerns over India’s current account vulnerability, while global conditions remain challenging amid rising oil prices and higher US Treasury yields.”