RBI's FX Swap Auction: A $25 Billion Spectacle!

The Reserve Bank of India held a thrilling FX swap auction on Tuesday, attracting a whopping $25.03 billion in bids—2.5 times the auction size! With 118 bids accepted at a premium cut-off of 7.48 rupees, this move aims to boost liquidity in the banking system. The RBI is looking to pump in over $23 billion to help the struggling rupee and support rate cuts.