With $5 billion forex swap between the Reserve Bank of India (RBI) and banks set to mature today, a majority of lenders have arranged for dollars to be delivered to the RBI.
In April last year, the RBI conducted a dollar/rupee (USD/INR) sell-buy swap auction for an amount of $ 5 billion. Under the swap, the central bank sold dollars to banks with an agreement to buy back those dollars at maturity, which is October 23.
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