News From Press Reserve Bank steps into forex market to support rupee

Reserve Bank steps into forex market to support rupee

The Reserve Bank said it will conduct six-month US dollar sell-buy swaps worth $2 billion on 16 March

Mint Mar 13, 2020

The Reserve Bank of India (RBI) has stepped into the currency markets with large dollops of liquidity to support the rupee, as the Covid-19 pandemic sends shock waves through global markets.

The central bank said in a statement on Thursday that it will conduct six-month US dollar sell-buy swaps worth $2 billion on 16 March. This is expected to be the first of several such swap auctions.

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