India central bank’s $10 billion FX swap oversubscribed, cut-off at 5.86 rupees

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The Reserve Bank of India’s $10 billion, 3-year dollar/rupee buy-sell swap auction aimed at boosting rupee liquidity was oversubscribed by over two times, with a cutoff rate of 5.86 rupees. The RBI will inject $10.04 billion equivalent of rupees on Wednesday. This move is part of measures to address the liquidity deficit in the banking system.

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India central bank’s $10 billion FX swap oversubscribed, cut-off at 5.86 rupees

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