Indian firms use currency swap to lower borrowing costs as Fed cuts kickoff

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The banker did not want to be named because he is not authorized to speak to the media.

In contrast, India's 2-year Mumbai Interbank Forward Offered Rate is down just 20 bps in September and 74 bps on the quarter.

The US secured overnight financing rate (SOFR), a benchmark rate for dollar-denominated derivatives, has been declining in anticipation of the rate cut, with the 2-year SOFR down 35 bps so far in September and 120 bps on the quarter.

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Category: BusinessFinance

Markets: India

Topics: US Federal Reserve Renewable energy Payment Interest

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-19 @ 14:49:30 (1 weeks ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 465 words

Reading Time: 3 minutes read

Sentences: 15 lines

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Copyright Owner: © Business Standard

News ID: 22590726

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