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Policy● Neutral for Indian equities
RBI conducts $10 billion in dollar-rupee swaps to drain system liquidity
The brief
- RBI conducted $10 billion in currency swaps to reduce financial system liquidity
- The sell-buy dollar-rupee swaps took rupees out of the financial system
- Liquidity withdrawal may influence funding conditions for Indian banks and bond markets
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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 conducts $10 billion in dollar-rupee swaps to drain system liquidity