The banking system cash deficit, as measured by banks’ borrowings from the Reserve Bank of India, was at 1.5 trillion rupees ($17.7 billion) as of Monday, the highest since June 24, according to a Bloomberg Economics index. The RBI has been net selling dollars since October, which has resulted in a substantial drain on liquidity, according to IDFC First Bank Ltd.
The banking liquidity may widen further on the prospect of the RBI intervening in the currency market to curb currency losses amid a rising trade deficit and a stronger dollar. The rupee hit a new record low of 84.9337 per dollar on Tuesday.
The cash deficit widened even as the central bank has recently taken steps to boost banking liquidity, including a cut in the cash-reserve ratio and higher amounts of funds offered through so-called variable rate repo auctions.
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