New Delhi: The Reserve Bank of India (RBI) accepted USD 5.135 billion in the USD/INR sell-buy swap auction held on Tuesday, compared to the notified amount of USD 5 billion.
The RBI announced last month that it would hold a USD/INR two-year sell/buy swap auction worth USD 5 billion. The total amount bid by participants in today's auction was USD 13.565 billion, according to a release from the Reserve Bank of India.
According to the release, the central bank received 246 bids but accepted 86 of them in the auction. The bid-to-cover ratio stood at 2.71. A bank participates in the sell-buy swap auction by purchasing US dollars from the Reserve Bank and agreeing to sell the same amount of US dollars at the end of the swap period.
With another development On Tuesday, RBI launches UPI service for 40 cr feature phone users. Nearly six years after the launch of the Unified Payments Interface (UPI), RBI Governor Shaktikanta Das launched a new service that will allow over 40 crore feature phone users to access the popular digital transactions platform.
RBI launches UPI service for 40 cr feature phone users
Reliance Capital may be sold soon, deadline for March 11 is crucial
