RBI works its $2 billion FX swap magic on struggling rupee

The Reserve Bank of India just pulled off a $2 billion magic trick with FX swaps to help the rupee, which is feeling a bit under the weather at an all-time low of 91.7425. This financial wizardry aimed to ease the liquidity squeeze caused by dollar sales and keep the currency from sinking further. Bankers say the swaps could total over $3 billion. Quite the financial spectacle, right?