
RBI buys $5bn in FX swaps auction
Unusual move to inject long-term liquidity into the system is heavily oversubscribed

A move by the Reserve Bank of India to inject long-term liquidity into the market drew strong demand in an auction today (March 26).
The one-off foreign exchange swap saw the central bank buy $5 billion from banks in exchange for 345.6 billion rupees with a tenor of three years. One US dollar was worth 69 rupees in trading this afternoon.
The operation was heavily oversubscribed, with bids totalling $16.3 billion and successful bidders paying an average premium of 7.92 rupees. Banks will pay
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact customer services - www.fx-markets.com/static/contact-us, or view our subscription options here: https://subscriptions.fx-markets.com/subscribe
You are currently unable to print this content. Please contact customer services - www.fx-markets.com/static/contact-us to find out more.
You are currently unable to copy this content. Please contact info@fx-markets.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@fx-markets.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@fx-markets.com