The Reserve Bank of India on Monday conducted US dollar-rupee swap worth USD 10 billion for injecting long-term liquidity in the system, with the auction eliciting strong demand. The dollar/rupee buy-sell swap auction to boost rupee liquidity was oversubscribed by a little over two times, with the cutoff rate set at Rs 5.86. The USD/INR Buy/Sell swap auction for a tenor of 3 years was oversubscribed 2.23 times. The swap is part of series of measures that the RBI has taken to ease a liquidity crunch in the banking system. The first leg settlement will take place on March 26 and the second on March 27, the RBI said.
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