#fx-swap
RBI $5 billion FX swap subscribed nearly twice over - The HinduBusinessLine
RBI’s $5 billion FX swap subscribed nearly twice over
RBI's FX swap auction attracted nearly $10 billion in bids, underscoring strong demand amid a weakening rupee.
RBI's $5 billion FX swap subscribed nearly twice over
The swap comes at a time when the central bank continues to defend a rapidly weakening rupee by selling dollars from forex reserves. Such a move can remove rupee liquidity from the country's banking system and can push up interest rates.