UPDATE 1-India cenbank's liquidity gambit may succeed where rate cut failed -analysts [Reuters]
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Source: Reuters
UPDATE 1-India cenbank's liquidity gambit may succeed where rate cut failed -analysts | Reuters 4 Min Read * RBI plans 3-year dlr/inr swap auction for $5 bln on March 26 * Move to boost liquidity, prevent sharp fx rate spike -traders * Will help credit-starved shadow banks -bankers (Recasts with quotes, details) By Suvashree Choudhury MUMBAI, March 14 (Reuters) - The Reserve Bank of India’s $5 billion plan to swap rupees for dollars with domestic banks will help achieve its twin objectives of pushing interest rates down while also preventing a sharp appreciation in the rupee, analysts said on Thursday. In a bid to mop up dollars and pump in rupees, the central bank said on Wednesday it will conduct its first dollar/rupee buy-sell swap auction on March 26, analysts said. “In order to meet the durable liquidity needs of the system, the Reserve Bank has decided to... inject rupee liquidity for longer duration through long-term foreign exchange buy/sell swap,” the RBI said. Aside from eas
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- India swaps suggest cenbank now likely to hold rates through 2024 [Reuters]Reuters
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