RBI's dollar-rupee sell-swap auction sees three times more bids

The Reserve Bank of India’s (RBI’s) dollar-rupee sell-swap auction saw three times more bids than the notified amount, which helped the Indian currency to post gains after six trading sessions.

In the auction, the RBI has accepted $5.135 billion against the notified amount of $5 billion, the central bank said in a release.

The sell-buy swap auction saw an overwhelming response of $13.56 billion bids with a cut-off premium averaging 649.71 paise.

“The implicit annualised forward rate works out to 4.22%. The dollars will be settled on March 10 and we may expect some cooling down of the currency, which