RBI carries out currency swaps worth at least $10 bn to reduce liquidity

The Reserve Bank of India stepped in to curb excess liquidity by executing currency swap deals worth $10 billion, linking the US dollar and the rupee. The move follows a surge in foreign inflows that risked weakening the rupee and fuelling speculative flows. By absorbing surplus funds, the central bank aims to stabilise the foreign exchange market, though importers relying on foreign currency may face higher borrowing costs.

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