The Indian rupee gained on Wednesday on broad-based interbank dollar sales and after the central bank's firm defence of 87.40-87.50 levels in recent sessions helped keep a lid on speculative bets against the currency.

The Indian rupee fell on Thursday, likely squeezed by demand to hedge future dollar liabilities amid a drop in forward premiums on the back of the central bank's FX swap announcement. The rupee was at 87.

Rupee forward premiums have dropped after the Reserve Bank of India (RBI) announced a raft of measures, including a dollar rupee buy-sell swap, to boost domestic liquidity, likely stoking dollar demand Thursday.

The Indian rupee declined on Friday to a level that bankers said was a key support, pressed by the risk-off mood and the weakness in Asian peers on renewed worries over U.S. tariffs.

RBI said it will conduct OMO purchase auctions of government securities for an aggregate amount of ₹1 trillion in two tranches of ₹50,000 crore each to be held on 12 March and 18 March.

The Reserve Bank of India conducted a $10 billion USD/INR swap auction to provide long-term liquidity. The auction, settled on March 4 and 6, was oversubscribed 1.62 times with 244 bids received. A total of 161 bids,

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The Reserve Bank on Friday conducted US dollar-rupee swap worth USD 10 billion for injecting long-term liquidity in the system, with the auction eliciting robust demand. The settlement of auction will take place on March 4 and March 6. The USD/INR Buy/Sell swap auction for a tenor of 3 years was oversubscribed 1.62 times.