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India central bank FX intervention drains $20 billion from liquidity

Original: India central bank's FX blitz drains nearly $20 billion from surplus liquidity, bankers say

India's central bank has intervened heavily in foreign exchange markets, draining nearly $20 billion from the banking system's surplus liquidity, according to bankers. The dollar-selling operation, aimed at supporting the rupee, absorbs rupee funds and tightens cash conditions, which could raise short-term funding costs for banks and firms.

Why now: Traders and bankers are watching the rupee's weakness and the impact of RBI intervention on banking-system cash levels.

Reserve Bank of IndiaIndian rupeeIndia

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Evidence

• India central bank's FX blitz drains nearly $20 billion from surplus liquidity, bankers say · Reuters
• India central bank's FX blitz drains nearly $20 billion from surplus liquidity, bankers say · TradingView

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