RBI announces US dollar-Indian rupee swap auction worth ₹48,415 crore as rupee falls

RBI will conduct a $5 billion (₹48,415 crore) USD-INR buy-sell swap auction on May 26 to inject liquidity in the banking system. Under the arrangement, banks will sell US dollars to RBI and simultaneously agree to buy back the same amount of dollars at the three-year swap period end. This comes at a time when the rupee has sharply weakened.