# India central bank likely defending rupee, using swaps to drain excess cash, traders say

https://mins.news/en/item/70203

- Reuters, 2026-09-23 08:05 UTC
- Economy
- Original: https://www.reuters.com/world/india/indian-central-bank-likely-defending-rupee-conducting-swaps-drain-excess-cash-2026-09-23/?link_source=ta_bluesky_link&taid=6ab38830118ed10001a25166

> The Reserve Bank of India likely intervened in foreign exchange markets on Wednesday and continued supporting the rupee, five traders said. The central bank was also likely using swaps to absorb excess cash as oil prices remained volatile and portfolio inflows weak.