The Reserve Bank on Friday( 21 February) announced a huge $10 billion dollar-rupee swap auction program to inject durable liquidity into the banking system.

• The USD/INR Buy/Sell swap auction of $10 billion for a tenor of 3 years will be conducted on February 28, the central bank said in a statement.
• The swap is in the nature of a simple buy/sell foreign exchange swap from the Reserve Bank.
• A bank shall sell US dollars to the Reserve Bank and simultaneously agree to buy the same amount of US dollars at the end of the swap period.