{
  "id": 10634763,
  "title": "RBI’s forex blitz drains nearly $20 billion from surplus liquidity, bankers say",
  "url": "https://urgent.news/2026/09/29/rbis-forex-blitz-drains-nearly-20-billion-from-surplus-liquidity",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-29T07:19:43.000Z",
  "source": {
    "name": "Hindu BusinessLine",
    "slug": "hindu-businessline",
    "url": "https://www.thehindubusinessline.com/money-and-banking/rbis-forex-blitz-drains-nearly-20-billion-from-surplus-liquidity-bankers-say/article71522939.ece"
  },
  "original_language": "en",
  "account": "The Reserve Bank of India (RBI) has significantly reduced excess rupee liquidity by an estimated $20 billion through foreign exchange operations, according to two bankers. The measures include dollar-rupee sell-buy swaps, spot dollar sales, bond sales, and variable-rate reverse repos. This decline in liquidity surplus, which fell from a record ₹11.16 lakh crore ($116.10 billion) to ₹11.5 lakh crore, is evident in core liquidity levels. Gaura Sengupta, Chief Economist at IDFC First Bank, estimates that another ₹1.5 lakh crore may be removed via bond sales and sell-buy FX swaps. Economists note that the nearly $20 billion drained through FX operations represents the net impact, with actual dollar sales likely higher. The RBI's use of FX swaps as a liquidity tool is becoming increasingly important.",
  "summary": "The central bank’s sell/buy swaps have pushed dollar-rupee forward premiums higher, raising the cost of hedging dollar exposure, with the one-year premium up around 50 basis points this month",
  "key_points": [
    "RBI reduces excess liquidity by $20 billion via forex operations",
    "Measures include dollar-rupee swaps, spot sales, bond sales, reverse repos",
    "Another ₹1.5 lakh crore may be removed through bond sales and FX swaps"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}