RBI Dollar-Rupee Swap Auction Draws Overwhelming Response with $9.8 Billion in Bids
The Reserve Bank of India (RBI) successfully conducted a $5 billion USD/INR buy/sell swap auction on Tuesday, drawing a robust response from market participants that saw the offering nearly two times oversubscribed. Facing a notified amount of $5 billion, banks and financial institutions submitted bids totaling $9.80 billion, resulting in a bid-to-cover ratio of 1.96….