Amid Coronavirus, the RBI announces USD-INR sell/buy swap for liquidity

The Reserve Bank of India (RBI) announced on Thursday it would conduct a six-month sale / buy swap of US dollars to provide liquidity to the foreign exchange sector. The decision was taken as markets around the world are facing severe selling pressure due to the spread of Coronavirus on extreme risk aversion. The first $2 billion sale/ buy swap auction will take place on Monday. The news comes in the background of the rupee falling against the US dollar to 74.34, close to its October 2018 all-time low of 74.48.

Post Your Vote

Signup Now