The Reserve Bank on Monday announced it will conduct a USD/INR buy-sell swap auction of USD 5 billion (about Rs 45,000 crore) on December 16 to inject liquidity. In a statement, RBI said, the Reserve Bank will be conducting a USD/INR Buy/Sell swap auction of USD 5 billion for a tenor of thirty-six months. The swap is in the nature of a simple buy/sell foreign exchange swap from the Reserve Bank side, the central bank said. The auction cut-off would be based on the premium. The auction would be a multiple-price based auction, i.e., successful bids will get accepted at their respective quoted premium, the central bank further stated.
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