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India's foreign exchange reserves surged to a two-month high of $640.5 billion as of February 21, with an increase of nearly $5 billion in a week. The Reserve Bank of India's data showed foreign currency assets, the largest component of reserves, rising by $4.25 billion. This marks a recovery from the reserves' dip influenced by market sell-offs earlier.
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The Reserve Bank of India bought bonds worth 40,000 crore through open market operations to increase liquidity in the banking system. This brings their total bond purchases in February to 80,000 crore. Market participants anticipate further liquidity injections through similar operations or repo auctions. RBI had also made significant bond purchases in January.
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The Reserve Bank of India's dollar-rupee buy-sell swap saw strong demand but resulted in a lower-than-expected cut-off premium, leading to further rupee depreciation. The $10 billion swap, oversubscribed by $16.23 billion, will reverse in March 2028. Market participants expect continued weakness in the rupee as the RBI focuses on meeting the credit market's rupee liquidity needs.
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News and Media
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