RBI to repeat forex swap after high demand for first operation

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The Reserve Bank of India is to repeat its foreign exchange swap operation, after its first round in March attracted strong demand.

The RBI said on April 1 it would conduct another auction on the same terms as the previous round. Banks will be able to bid on April 25 for rupee liquidity at a tenor of three years, in exchange for US dollars. The RBI says it is willing to buy up to $5 billion, in line with the earlier auction.

Banks interested in obtaining the “durable liquidity” must submit

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