RBI intervention mechanics
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Business Standard · India · Rupee at 94 against the dollar, RBI rolls out FCNR-B scheme and $10bn swap to stem the slide
Details RBI dollar-buying activity: market estimates $2-3 billion on June 17 and $1-2 billion June 18, as the central bank rebuilt reserves and managed its net short forward position. Explains the mechanics of the FCNR-B hedging subsidy.
“RBI stepped up dollar purchases to rebuild reserves and manage a net short forward book, absorbing an estimated $3-5 billion in two sessions.”