As announced on March 12, 2020 the Reserve Bank will conduct a variable rate reverse repo auction today as under:

2. On March 12, 2020 the Reserve Bank also announced that it would undertake 6-month US Dollar sell/buy swaps to provide liquidity to the foreign exchange market in view of current and evolving financial market conditions and taking into consideration the requirement of US Dollars in the market. To begin with, an amount of USD 2 billion would be offered on March 16, 2020.

3. In order to counterbalance the domestic liquidity effects that the sell-buy swap may entail, it has been decided to provide rupee liquidity to the system today by conducting a variable rate repo auction, as under:

4. The auction will be conducted in terms of the revised Liquidity Management Framework issued on February 6, 2020. All other terms and conditions as applicable to Term Repo auctions will remain the same.

5. The Reserve Bank of India is closely and continuously monitoring the rapidly evolving global situation and will take all necessary measures to ensure that money, debt and forex markets remain adequately liquid and stable, and continue to function normally.

Ajit Prasad
Director  

Press Release: 2019-2020/2057