RBI Eases Rupee Drought With Forex Swaps Worth $3 Billion

RBI's Recent Sales Of The Currency Complicate Its Efforts To Support The Rupee, Which Is Under Pressure

- Bloomberg

India's central bank is using dollar-rupee swaps to ease a liquidity squeeze in the country's financial system, according to people familiar with the matter.

The Reserve Bank of India (RBI) used swaps to inject rupee liquidity worth around $3 billion on Friday, the people said, asking not to be named because they aren't authorized to speak publicly on the matter. The swaps had maturities of three, six and 12 months, they said. The RBI didn't immediately respond to an emailed request for comment.