RBI Accepts $10 Billion in USD-INR Buy-Sell Swap Auction Amid Strong Demand

The Reserve Bank of India (RBI) conducted a three-year USD-INR buy-sell swap auction, receiving bids worth approximately $29.94 billion against a notified amount of $10 billion. The RBI accepted bids totaling $10 billion at a cut-off premium of 728 paise, with a bid-to-cover ratio of 2.99 and a weighted average premium of 731.12 paise. The first leg of the swap settles on January 16, 2026, injecting rupee liquidity, with the reverse leg due in 2029. This auction is part of RBI's broader liquidity measures announced during its recent monetary policy review.