The Reserve Bank of India (RBI) sprang a surprise last week when it announced a $5 billion (around Rs 35,000 crore) rupee-dollar swap window for the first time, a move widely seen as helping lower interest rates as banks get flush with funds.
The RBI will buy upto $5 billion, or a fourth of the foreign exchange banks hold, from the market via auction on March 26, and sell it to the same banks in 2022.
This story is from the April 1, 2019 edition of India Today.
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This story is from the April 1, 2019 edition of India Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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