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Following enthusiastic response to its US Dollar/Indian Rupee Buy/Sell swap auction of 3 years tenor for $ 5 billion on March 26, the Reserve Bank of India has decided to conduct a similar auction on April 23, 2019.
This is to meet the durable liquidity needs of the system, the central bank said in a statement. The first such auction, which saw market participants offer about $16 billion against the targeted offer of $5 billion, was conducted on March 26.
The US Dollar amount mobilized through this auction would also reflect in RBI’s foreign exchange reserves for the tenor of the swap while also reflecting in RBI’s forward liabilities.
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