India’s foreign exchange reserves rise to USD 665.396 billion: RBI
In the previous reporting week, the overall reserves rose by USD 4.529 billion to USD 658.8 billion, the RBI said.
Reserve Bank of India (RBI) on Monday announced a host of measures to inject liquidity in the banking system, including bond purchases and dollar/rupee swaps.
RBI will buy government bonds worth Rs 60,000 crore in three tranches and conduct a 56-day variable rate repo auction worth Rs 50,000 crore on Feb 7, it said in a statement.
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Further, the central bank will also conduct a USD/INR buy/sell swap auction of $5 billion for a tenor of six months on Jan 31.India’s banking system liquidity deficit widened a one-year peak in the previous fortnight.
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The daily average banking system liquidity deficit jumped to Rs 2.39 trillion in the fortnight which ended on January 24, as per latest RBI data.
The RBI said it will continue to monitor evolving liquidity and market conditions and take measures as appropriate to ensure orderly liquidity conditions. Detailed instructions for each operation shall be issued separately.
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