RBI gets bids three times notified amount at buy-sell swap auction
At the auction, the central bank received 348 bids worth $29.94 billion and accepted 42 bids, with the cut-off premium set at 728 paise
 "RBI gets bids three times notified amount at buy-sell swap auction")
The Reserve Bank of India’s three-year dollar/rupee buy-sell swap saw strong demand on Tuesday, with bids around three times the notified $10 billion amount.
At the auction, the central bank received 348 bids worth $29.94 billion and accepted 42 bids, with the cut-off premium set at 728 paise.
The bid-to-cover ratio was 2.99, and the weighted average premium of accepted bids was 731.12 paise.
The first leg of the swap will be settled on Friday, when the RBI will inject rupee liquidity into the banking system. The transaction will be reversed after three years.
The swap auction is part of a broader set of liquidity measures announced by the central bank at the recent monetary policy review meeting outcome, which also includes open market operations (OMOs).