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Policy● Neutral for Indian equities
RBI said to conduct at least $10 billion forex swaps to drain cash
The brief
- RBI is said to plan at least $10 billion in forex swaps to drain cash
- Banks have received more than $140 billion from measures to attract foreign capital
- Liquidity withdrawal may affect Indian banks and short-term money-market conditions
- Weekly policy watch: Goyal-Greer meet, IIP, PMI and forex data in focus
- India's forex reserves fall $14.89 billion to $766 billion
- NRI deposit inflows surge nearly sevenfold to $36.2 billion in April-July FY27
- Russian crude supplies enabled India to cushion against oil supply shocks caused by West Asian war: Deputy FM
- Rupee gains from FCNR (B) boost reverse in September amid higher crude oil prices: RBI bulletin
RBI dollar-rupee swaps to drain liquidity
The RBI conducted sell-buy dollar-rupee swaps with lenders over two weeks, withdrawing rupees from the financial system. The swaps were worth at least $10 billion as banks held excess cash after measures to attract more than $140 billion in foreign capital.
Thursday, 24 September
- RBI said to conduct at least $10 billion forex swaps to drain cash