Banks, importers seen lapping up RBI's $5 bn foreign exchange swap
Reserve Bank of India's $5 billion dollar/rupee buy-sell swap auction on Friday is likely to see strong demand from lenders and corporate treasuries, six bankers said.
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The central bank will conduct a 6-month dollar/rupee buy-sell swap, one of its many planned measures aimed at injecting liquidity worth about 1.5 trillion rupees ($17.33 billion) into the banking system.
The RBI's interventions to cushion the rupee's plummet to all-time lows have pushed up dollar liquidity in the banking system.
A part of the central bank's dollar sales has been taken up by banks that were involved in arbitrage activity, leaving them with excess dollars, a person familiar with RBI's thinking said.
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