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RBI will offer $2 bn to sooth Forex market

March 13, 2020

RBI will offer $2 bn to sooth Forex market

RBI will offer $2 billion in forex market as markets have crashed down due to the virus outbreak.

Central bank said, “According to the current market conditions and requirement of dollars in the market it has been decided to undertake sell/buy swaps to sooth the forex market”.

The exchange will be conducted through an auction at multiple prices. Banks will buy US dollars from RBI in exchange for American currency at the end of the exchange period.

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