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The Reserve Bank has decided to inject Rupee liquidity for longer duration through long-term USD/INR Buy/Sell swap in order to meet the durable liquidity needs of the system. Accordingly, the Reserve Bank will be conducting a USD/INR Buy/Sell swap auction of USD 10 billion for a tenor of 3 years on 28th February 2025. The market participants would be required to place their bids in terms of the premium that they are willing to pay to the Reserve Bank for the tenor of the swap, expressed in paisa terms up to two decimal places. The auction cut-off would be based on the premium. The auction would be a multiple-price based auction, i.e., successful bids will get accepted at their respective quoted premium, the RBI noted. This will be the second swap auction by the central bank within a month. However, unlike the first tranche of $5 billion on January 31, which had a six-month tenor, the latest swap auction has three-year duration.

The swap is in the nature of a simple buy/sell ...

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