 "Reserve Bank of India, RBI")
The Reserve Bank of India (RBI) on Thursday announced that it will undertake a six-month US Dollar sell/buy swaps to provide liquidity to the foreign exchange market. The decision has been taken as markets worldwide face intense selling pressures on extreme risk aversion due to the spread of Coronavirus.
The first sell/buy swap auction involving $2 billion will be held on Monday, the central bank said.
The RBI in a statement said that the swaps will be conducted through auctions in several tranches. The announcement comes in the backdrop of the rupee crashing to 74.34 against the US dollar, close
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