 "reserve bank of india")
The Reserve Bank of India’s (RBI's) second three-year dollar-rupee swap auction was a massive success like the first one, even as it took just five large bids to cover the entire $5 billion on offer.
Market participants bid more than three times the offer, but the five successful bids were closer to the market rates and managed to shoot up the forward premium in the secondary market.
“The aggressive bids most likely came in from a large corporate looking to hedge long-term dollar liabilities, such as external commercial borrowings,” said Abhishek Goenka, managing director of IFA Global.
