March 19, 2019 / 3:19 PM / a month ago

RBI chief Shaktikanta Das says new liquidity tool well received

The Reserve Bank of India (RBI) Governor Shaktikanta Das arrives to attend a news conference after a monetary policy review in Mumbai, February 7, 2019. REUTERS/Francis Mascarenhas/Files

MUMBAI (Reuters) - The Reserve Bank of India’s new step to infuse rupees into the banking system through a dollar/rupee forward buy-sell swap auction window has been well received by the market, Governor Shaktikanta Das said on Tuesday.

“By and large I think it has been received quite well,” Das said on sidelines of a book launch event.

On whether the RBI would repeat such auctions going ahead, he said: “I can’t say at the moment.”

The RBI last week said it will conduct a first such auction of $5 billion for a tenure of three years on March 26, to mop up dollars and pump in rupees.

Senior RBI officials met market participants on Monday for feedback on the new measure.

Reporting by Suvashree Choudhury; Editing by Catherine Evans

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